Overview

• The National Association of Realtors reported a 4.0% month-over-month rise in its Pending Home Sales Index for August, up 3.8% from a year earlier.
• Contract signings increased in the Midwest, South and West but slipped in the Northeast, with all regions posting annual gains.
• The index climbed to 74.7, a level that signals activity remains below the 2001 baseline of 100 even with the late-summer rebound.
• Freddie Mac data show the 30-year mortgage rate near an 11-month low after the Federal Reserve cut its benchmark rate by 25 basis points to 4.00%–4.25%.
• Economists warn progress could be constrained by affordability strains, softer hiring with recent job gains averaging 29,000 per month, and potential inventory pullbacks despite August’s boost.