US pending home sales index rises 0.3% in August, an unexpected increase

Macro
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The National Association of Realtors reported on the 17th that its pending home sales index for August rose 0.3% from the previous month to 71.2, an increase that defied economists' expectations of a 0.6% decline compiled by Reuters. On a year-over-year basis, the index fell 4.7%, with gains in the South and West offset by declines in the Northeast and Midwest. Mortgage rates that remain elevated are keeping would-be buyers out of the market, and this increase is likely to prove temporary. The Federal Reserve on the 16th moved to raise interest rates for the first time since July 2023, and according to Freddie Mac data, the average 30-year fixed mortgage rate rose to 6.76% last week from 6.71% the week before, hitting its highest level in more than a year. Lawrence Yun, chief economist at the National Association of Realtors, noted that nationwide, current contract signings are running about 30% below the levels seen in the years leading up to the pandemic.

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Cited only as the data source showing the 30-year mortgage rate rose to 6.76%; no company-specific event.

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