According to new data from the National Association of Realtors, U.S. pending home sales reached their lowest levels in almost 20 years during the month of October.
Pending home sales were reportedly down 1.5% in October from September and down 8.5% year-over-year.
The decline in home sales correlates with the average U.S. mortgage rate reaching its highest level of the year in October, though the mortgage rate has since declined throughout November.
“Recent weeks’ successive declines in mortgage rates will help qualify more home buyers, but limited housing inventory is significantly preventing housing demand from fully being satisfied,” said NAR chief economist Lawrence Yun.
