The pending sale of homes in the United States increased last month as a decline in interest rates encouraged buyers to sign contracts, according to real estate brokerage Redfin.
The pending home sales index measures the number of home sales contracts that have been signed but have yet to be closed. The closing process typically takes up to two months to complete. Investors use the index to gauge the nation’s economic status and predict future home sales.
For September, pending sales rose 2.5 percent from August, the biggest monthly jump since January 2023.
On a yearly basis, sales rose 3.1 percent from September 2023, the largest annual increase since May 2021, according to an Oct. 18 Redfin press release….