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US pending home sales see a sharp 7.4% rise in September rebound

Posted on October 31, 2024 |

The Pending Home Sales Index (PHSI), which reflects signed real estate contracts, rose by 7.4% in September to reach 75.8, marking its highest point since March 2024.

Compared to last year, pending home sales showed a 2.6% increase in September, indicating positive movement in contract signings.

In September, all major U.S. regions recorded monthly transaction increases, with the Northeast and West also showing year-over-year growth, while the Midwest and South remained stable.

The Northeast's PHSI grew by 6.5% to 65.6 in September, reflecting a 3.3% rise from the same period last year.

The Midwest saw a 7.1% monthly gain in its PHSI, reaching 75.0, the same level as in September of 2023.

The South’s PHSI rose 6.7% to 89.0, while the West jumped by 9.8% to 64.0, reflecting a 12.3% year-over-year increase.