"Regionally, the level of contract signing was down month-over-month in the Northeast (1.1%), but up in the Midwest (8.7%), South (3.1%), and West (5.0%). All four regions posted annual increases, with the Midwest ( 76.4) posting the largest increase at 6.7%, followed by the 4.2% increase in the South (88.9), a 2.6% jump in the Northeast (63.7) and a 0.2% rise in the West (59.3)."
"Lower mortgage rates are enabling more homebuyers to go under contract, Lawrence Yun, NAR's chief economist, said in a statement. In the Midwest, low mortgage rates combined with high levels of affordability are attracting more buyers compared to other regions. Sturtevant added that on top of lower mortgage rates, buyers in August also had the benefit of more inventory on the market. However, she warned that inventory levels could shrink this fall, which is why she is expecting a slow fall housing market."
An index reading of 100 equals contract activity in 2001. August pending sales activity rose, providing a preview for fall closed sales, while closed transactions over the next few months are expected to remain around last year's levels. Regionally, contract signings fell month-over-month in the Northeast by 1.1%, and rose in the Midwest 8.7%, South 3.1%, and West 5.0%. Annual increases occurred in all regions, led by a 6.7% gain in the Midwest. Lower mortgage rates and increased inventory boosted contract activity, but delistings have risen and inventory may shrink, suggesting a slow fall market unless affordability stabilizes.
Read at www.housingwire.com
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