Contracts to buy previously owned homes unexpectedly rose in September, according to data released on Thursday by the National Association of Realtors (NAR).
NAR said its pending home sales index, which measures signed contracts for homes where transactions have not yet closed, increased 0.5% to a reading of 104.6 after falling by 1.9% in the previous month.
Economists had forecast pending home sales falling by 0.1% last month.
However, year-over-year, contract signings dropped 1.0% making this the ninth-straight month of annual decreases.
NAR chief economist Larry Yun noted that, despite the year-over-year declines, September’s increase was a “a good, stabilizing trend”.
"This shows that buyers are out there on the sidelines, waiting to jump in once more inventory becomes available and the price is right,” he explained.
