Pending Home Sales Drop Unexpectedly


There’s an unexpected drop in pending home sales. The National Association of Realtors says they fell two-point-three percent in September when compared to August. They also dropped eight-percent from September of last year. Higher mortgage rates may be to blame.

The association’s chief economist says this may be the start of a cooling trend when it comes to home prices. All four regions of the country saw drops in pending home sales with the Midwest leading the way.

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