Morning Minute: Pending home sales rise slightly in September; remain higher than a year ago

Pending home sales rose slightly (up 0.3 percent) in September compared to August, but were 14.5 percent higher than a year ago, according to the latest Pending Home Sales Index released by the National Association of Realtors® today. Said NAR Chief Economist Lawrence Yun in a new release:

“Home contract activity remains at an elevated level in contrast with recent years, but currently appears to be bouncing around in a narrow range,” he said. “This means only minor movement is likely in near-term existing-home sales, but with positive underlying market fundamentals they should continue on an uptrend in 2013.”

Watch this video from NAR to hear more about pending sales along with Yun’s forecast for the rest of the year.

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