U.S. Pending Sales Continue Climb
Pending home sales in the U.S. August increased for the fourth straight month, says the National Association of Realtors (NAR). The ‘Pending Home Sales Index (PHSI)’ increased 8.8 per cent to a record high of 132.8 in August. Low mortgage rates – below three per cent – are being cited a factor helping pending home sales climb in August. As well, the Fed intends to hold short-term fed funds rates near zero per cent for the foreseeable future, which should, in the absence of inflationary pressure, keep mortgage rates low and aid homebuyers continuing to enter the marketplace. Pending home sales are outperforming many pre-pandemic averages.