Pending Homes Sales Decline Month-Over-Month and Year-Over-Year in September

The National Association of Realtors® (NAR) reported on Friday (10-28-22) that their Pending Homes Sales Index (PHSI)—which is based on signed real estate contracts, not actual closings, for existing single-family homes, condominiums, and co-ops—declined 10.2% in September from August to a reading of 79.5 (2001=100).

The PHSI has now declined ten times in the past eleven months. Year-over-year, contract signings have declined 31.1%.

The NAR is reporting that all four major regions suffered both month-over-month and year-over-year declines in September:

• The Northeast PHSI declined 16.2% to reading of 64.2, down 30.1% from a year ago.
• The Midwest PHSI retreated 8.8% to reading of 80.7, down 38.7% from a year ago.
• The South PHSI fell 8.1% to a reading of 97.0, down 30.0% from a year ago.
• The West PHSI slipped 11.7% to a reading of 62.7, down 38.7% from a year ago.