US pending home sales for September -10.2% vs. -5.0% expected

• Pending home sales for September 2022 tumbles -10.2% vs. -5.0% expected.
• Prior month revised to -1.9% from -2.0% previously reported
• The pending home sales index moved to 79.5 from 88.5 last month
• Pending home sales are down -31.0% from September 2021
• West -11.7%
• Midwest -8.8%
• South -8.1%
• Northeast -16.2%

US mortgage rates are now above 7% which is more than double levels from a year ago. Monthly payments are near $1000 more for a median priced home vs. the beginning of the year.

The mortgage rate rate is the highest since April 2002.

/Inflation Inflation Inflation is defined as a quantitative measure of the rate in which the average price level of goods and services in an economy or country increases over a period of time. It is the rise in the general level of prices where a given currency effectively buys less than it did in prior periods.In terms of assessing the strength or currencies, and by extension foreign exchange, inflation or measures of it are extremely influential. Inflation stems from the overall creation of money. This money is m Inflation is defined as a quantitative measure of the rate in which the average price level of goods and services in an economy or country increases over a period of time. It is the rise in the general level of prices where a given currency effectively buys less than it did in prior periods.In terms of assessing the strength or currencies, and by extension foreign exchange, inflation or measures of it are extremely influential. Inflation stems from the overall creation of money. This money is m Read this Term