Pending home sales rose 8.8% in August, reaching a record high pace, according to the National Association of Realtors survey, which dates back to January 2001. Sales were 24.2% higher than August 2019.
Pending home sales rose 8.8% in August, reaching a record high pace, according to the National Association of Realtors survey, which dates back to January 2001."Tremendously low mortgage rates – below 3% – have again helped pending home sales climb in August," said Lawrence Yun, NAR's chief economist.Justin Sullivan | Getty Images
Yun also noted that not all pending sales contracts turn into closed sales, due to both sampling measures and mortgage and appraisal issues; therefore we may not see record closed sales in the coming months. Home price gains have been accelerating for the past three months, with some large local markets seeing double-digit annual increases. Nationally, the median price of a home sold in August was 11% higher compared with August 2019, according to the NAR.
"The increase in contract signings is shrinking the limited number of homes for sale to some of the lowest levels in recent history," said George Ratiu, senior economist at realtor.com. "This is causing a massive imbalance to the market's supply and demand, which is rewarding sellers with home price increases that more than double the pace of wages.
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