November 10, 2008

Pending Home Sales Fall in September

The Pending Home Sales Index for the month of September fell 4.6% to 89.2 after climbing 7.4% in August, according to the National Association of Realtors (NAR). Still, the index was up 1.6% from a year ago.

The NAR report said the dip in sales was tempered by a sharp decline in prices, which fell 9% year-over-year in September. Also propping up sales to some extent were affordable mortgage interest rates, which dipped below 6% for a 30-year fixed-rate loan during the month, according to Freddie Mac.

One bright spot: NAR reports that the drop in home prices, combined with low interest rates, have brought home buying affordability to 2003 levels.

We're interested in knowing what you think about the current real estate trends, and whether current trends will be affected at all by the recent elections, and if so, how. Use the comment link below to tell us what you think.

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