{"id":19770,"date":"2022-09-28T09:00:00","date_gmt":"2022-09-28T14:00:00","guid":{"rendered":"https:\/\/theamericangenius.com\/housing\/?p=19770"},"modified":"2022-09-28T09:54:54","modified_gmt":"2022-09-28T14:54:54","slug":"pending-home-sales-down-24-2-from-last-august","status":"publish","type":"post","link":"https:\/\/theamericangenius.com\/housing\/big-data\/pending-home-sales-down-24-2-from-last-august\/","title":{"rendered":"Pending home sales down 24.2% from last August"},"content":{"rendered":"\n<p>Pending home sales (contracts signed) <strong>fell 2.0% nationally in Augus<\/strong>t, according to the National Association of Realtors (NAR), marking the third consecutive month of declines. <\/p>\n\n\n\n<p><strong>Pending transactions have slid a dramatic 24.2% compared to August of last year<\/strong>. It was inevitable that the overly frenzied market would cool. <\/p>\n\n\n\n<p>Yet sales are not performing evenly across the nation, with another month of retracting sales in the Midwest, Northeast, and South regions while the West saw a slight increase on a monthly basis. <\/p>\n\n\n\n<p>Meanwhile, a<strong>ll regions experienced double digit declines in pending home sales when compared to August 2021<\/strong>. <\/p>\n\n\n\n<p>\u201cThe direction of mortgage rates \u2013 upward or downward \u2013 is the prime mover for home buying, and decade-high rates have deeply cut into contract signings,\u201d said NAR Chief Economist, Dr. Lawrence Yun. \u201cIf mortgage rates moderate and the economy continues adding jobs, then home buying should also stabilize.\u201d<\/p>\n\n\n\n<p><strong>Dr. Yun expects the year to end in this same &#8220;sluggish&#8221; condition<\/strong> as mortgage rates increase to nearly 7% during this time.<\/p>\n\n\n\n<p>\u201cOnly when inflation calms down will we see mortgage rates begin to steady,\u201d said Yun.<\/p>\n\n\n\n<p>According to a release, NAR expects pending transactions to fall a total of 15.2% in this year as new home sales dip by 20.9%. Dr. Yun forecasts prices will rise by 9.6% to end the year, noting that tight inventory and a lack of distressed sales have kept prices high. <\/p>\n\n\n\n<p><strong>What does Dr. Yun expect for 2023? He projects that next year, price appreciation will slow and sales will increase. <\/strong><\/p>\n\n\n\n<p>\u201cNext year, the annual median home price is expected to rise by only 1.2%,\u201d he added. \u201cHome sales will pick up in the second half of 2023, but will be down by 7.1% overall.\u201d<\/p>\n\n\n<div class=\"wp-block-image\">\n<figure class=\"aligncenter size-large\"><img fetchpriority=\"high\" decoding=\"async\" width=\"683\" height=\"1024\" src=\"https:\/\/theamericangenius.com\/housing\/wp-content\/uploads\/sites\/2\/2022\/09\/NAR-AUG-2022-PHS-1-683x1024.png\" alt=\"\" class=\"wp-image-19771\" srcset=\"https:\/\/theamericangenius.com\/housing\/wp-content\/uploads\/sites\/2\/2022\/09\/NAR-AUG-2022-PHS-1-683x1024.png 683w, https:\/\/theamericangenius.com\/housing\/wp-content\/uploads\/sites\/2\/2022\/09\/NAR-AUG-2022-PHS-1-200x300.png 200w, https:\/\/theamericangenius.com\/housing\/wp-content\/uploads\/sites\/2\/2022\/09\/NAR-AUG-2022-PHS-1-768x1152.png 768w, https:\/\/theamericangenius.com\/housing\/wp-content\/uploads\/sites\/2\/2022\/09\/NAR-AUG-2022-PHS-1-1024x1536.png 1024w, https:\/\/theamericangenius.com\/housing\/wp-content\/uploads\/sites\/2\/2022\/09\/NAR-AUG-2022-PHS-1-1366x2048.png 1366w, https:\/\/theamericangenius.com\/housing\/wp-content\/uploads\/sites\/2\/2022\/09\/NAR-AUG-2022-PHS-1-600x900.png 600w\" sizes=\"(max-width: 683px) 100vw, 683px\" \/><\/figure>\n<\/div>","protected":false},"excerpt":{"rendered":"<p>Pending home sales are down slightly for the month but dramatically for the year, marking a needed cooldown in the market.<\/p>\n","protected":false},"author":2,"featured_media":19169,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_memberships_contains_paid_content":false,"wds_primary_category":0,"footnotes":"","jetpack_post_was_ever_published":false,"_links_to":"","_links_to_target":""},"categories":[91],"tags":[263,316,1234],"class_list":["post-19770","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-big-data","tag-nar","tag-pending-home-sales","tag-real-estate-news"],"jetpack_featured_media_url":"https:\/\/theamericangenius.com\/housing\/wp-content\/uploads\/sites\/2\/2022\/07\/home-prices-chill.jpg","jetpack_sharing_enabled":true,"amp_enabled":true,"_links":{"self":[{"href":"https:\/\/theamericangenius.com\/housing\/wp-json\/wp\/v2\/posts\/19770","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/theamericangenius.com\/housing\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/theamericangenius.com\/housing\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/theamericangenius.com\/housing\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/theamericangenius.com\/housing\/wp-json\/wp\/v2\/comments?post=19770"}],"version-history":[{"count":3,"href":"https:\/\/theamericangenius.com\/housing\/wp-json\/wp\/v2\/posts\/19770\/revisions"}],"predecessor-version":[{"id":19775,"href":"https:\/\/theamericangenius.com\/housing\/wp-json\/wp\/v2\/posts\/19770\/revisions\/19775"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/theamericangenius.com\/housing\/wp-json\/wp\/v2\/media\/19169"}],"wp:attachment":[{"href":"https:\/\/theamericangenius.com\/housing\/wp-json\/wp\/v2\/media?parent=19770"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/theamericangenius.com\/housing\/wp-json\/wp\/v2\/categories?post=19770"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/theamericangenius.com\/housing\/wp-json\/wp\/v2\/tags?post=19770"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}