NAR Pending Home Sales Report Shows 0.3% Increase in August

Pending home sales in August rose 0.3% month-over-month but fell 4.7% year-over-year. Sales increased in the South and West but declined in the Northeast and Midwest, with all regions showing year-over-year decreases. Higher mortgage rates continue to slow the market despite job and income growth. Some metro areas, including Richmond and San Antonio, saw notable annual gains in pending sales.