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By Kerry Smith<\/div><\/div>\n

NAR Economist Yun credited \u201crising inventory and moderating price conditions\u201d for bringing more buyers back to the market. A separate realtor.com survey found three Fla. metro areas to be \u201chottest markets,\u201d including the areas around Orlando, Tampa and Jacksonville. <\/span><\/span><\/p>\n<\/div>\n

WASHINGTON \u2013 Pending home sales rebounded in August, recording significant gains after two prior months of declines, according to the National Association of Realtors\u00ae (NAR).<\/span><\/span><\/p>\n

Each of the four major U.S. regions tracked by NAR mounted month-over-month growth in contract activity. However, each territory was also down in year-to-year pending-sale comparisons, with the Northeast down a double-digit 15.8%. In contrast, the South \u2013 which includes Florida \u2013 was down only 6.3%<\/span><\/span><\/p>\n

The Pending Home Sales Index (PHSI) \u2013 a forward-looking indicator of home sales based on contract signings \u2013 increased 8.1% to 119.5 in August. Year-over-year, signings dipped almost the same amount, 8.3%. An index of 100 is equal to the level of contract activity in 2001.<\/span><\/span><\/p>\n

\u201cRising inventory and moderating price conditions are bringing buyers back to the market,\u201d says Lawrence Yun, NAR\u2019s chief economist. \u201cAffordability, however, remains challenging as home price gains are roughly three times wage growth.\u201d<\/span><\/span><\/p>\n

Such an imbalance in the market is unsustainable over the long-term, Yun says.<\/span><\/span><\/p>\n

\u201cThe more moderately priced regions of the South and Midwest are experiencing stronger signing of contracts to buy, which is not surprising,\u201d Yun adds. \u201cThis can be attributed to some employees who have the flexibility to work from anywhere, as they choose to reside in more affordable places.\u201d<\/span><\/span><\/p>\n

Realtor.com\u2019s Hottest Housing Markets<\/a> data revealed that out of the largest 40 metros, the most improved metros over the past year, as of September 27, were Orlando-Kissimmee-Sanford<\/strong>, Fla.; Tampa-St. Petersburg-Clearwater<\/strong>, Fla.; Nashville-Davidson-Murfreesboro-Franklin, Tenn.; Jacksonville<\/strong>, Fla.; and Austin-Round Rock, Texas.<\/span><\/span><\/p>\n

August pending home sales regional breakdown:<\/strong> Month-over-month, the Northeast PHSI rose 4.6% to 96.2 in August, a 15.8% drop from a year ago. In the Midwest, the index climbed 10.4% to 115.4 month-to-month, but was down 5.9% year-to-year.<\/span><\/span><\/p>\n

Pending home sales in the South increased 8.6% to an index of 141.8 in August, down 6.3% from August 2020. The index in the West grew 7.2% in August to 107.0, but it was still down 9.2% year-to-year.<\/span><\/span><\/p>\n

\u00a9 2021 Florida Realtors\u00ae<\/span><\/span><\/p>\n<\/div><\/div>\n

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\nAuthor: kerrys<\/p>\n","protected":false},"excerpt":{"rendered":"