Pending home sales climbed by just 0.3% month-over-month in September, up from a 1.0% decline in August.
However, this was a bit lighter than the 1.0% increase expected.
Loose monetary policy and low US Treasury rates have pushed mortgage rates to their lowest levels in over a year. However, relatively tight lending standards have prevented prospective buy from getting access to loans.
“Housing supply for existing homes was up in September 6% from a year ago, which is preventing prices from rising at the accelerated clip seen earlier this year,” said the National Association of Realtors’ Lawrence Yun. “Additionally, the current spectacularly low mortgage rates should help more buyers reach the market.”