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The housing market has been hot in 2020, and low mortgage rates have largely driven that trend. In fact, with the average 30-year fixed mortgage rate sitting well below 3% since summertime, it’s easy to see why prospective buyers have clamored for homes.
But things changed a bit in October. Pending home sales fell 1.1% from September, and while that figure was still 20.2% higher than in October of 2019, it represents a month-to-month decline.
Why did pending home sales drop?
The term “pending home sales” means the number of signed contracts on existing homes. Or, to put it another way, it’s a measure of the sales that close on a monthly basis.
Pending home sales