Despite mortgage rates surging over 7%, pending home sales in the US increased by 1.1% in September compared to August, according to a report by the National Association of Realtors. This rise comes as a surprise and marks the highest levels in 20 years, although pending sales were still down 11% from the previous year. While the Northeast, Midwest, and South experienced monthly gains in transactions, the West saw a decline. All four regions had year-over-year decreases in transactions. Despite slight increases in June and July, pending sales dropped by 7% in August due to mortgage rates surpassing 7%. However, September saw a rebound in pending sales. Please note that this story is still developing and will be updated.
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