Pending home sales rose 1.1% in September 2023, with the Northeast, Midwest and South posting monthly gains in transactions and the West experiencing a loss. All four U.S. regions had year-over-year declines in transactions. Pending contracts remain at historically low levels due to the highest mortgage rates in 20 years.
Next release: Pending Home Sales for October 2023 will be released on Thursday, November 30, 2023 at 10 a.m. Eastern.
The Pending Home Sales Index (PHS), a leading indicator of housing activity, measures housing contract activity, and is based on signed real estate contracts for existing single-family homes, condos, and co-ops. Because a home goes under contract a month or two before it is sold, the Pending Home Sales Index generally leads Existing-Home Sales by a month or two.