NAR - Pending Home Sales Index posted 8th Consecutive Monthly Gain in September

As reported by the National Association of Realtors®, the Pending Home
Sales Index posted its 8th consecutive monthly gain in September.

It’s the longest winning streak in the history of the index and Pending Home
Sales are now at their highest levels since December 2006.

A Pending Home Sale is a home under contract to sell, but not yet closed.

Trade group data shows that nearly 80 % of “pending” homes close within
2 months. The majority of those remaining close within months 3 and 4.

When the Pending Home Sales Index rises, it tells us that market activity has picked up. September’s data
confirms what we’ve been noticing since February — the Buyers Market is ending. - NAR's words, not mine.

With more homes under contract in the marketplace, homebuyers are more frequently facing the following:

1. Competitive, multiple-offer situations
2. Fewer seller concessions

Much of the increased market activity has been in the first time buyer market.

It should result in higher home prices, too