US Pending Home Sales Surge 7.4%, Marking Largest Increase in Over Four Years

September's jump in contract signings was driven by attractive mortgage rates and increased housing inventory, according to the National Association of Realtors.

• Pending home sales in the U.S. rose 7.4% in September, significantly exceeding the 1% increase forecasted by economists.
• The National Association of Realtors reported that the Pending Home Sales Index reached its highest level since March, driven by lower mortgage rates and more available homes.
• Contract signings increased across all regions, with the most substantial year-over-year gains in the Northeast and West.
• Despite the recent boost, mortgage rates have since climbed above 7%, potentially impacting future home sales.
• Economists predict a brighter outlook for home sales over the next two years, with expected increases in both sales volume and median home prices.

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