Pending Home Sales rose 1.1% from August to September, much stronger than the 2% decline that was expected, though sales were 11% below the level seen a year earlier. This data measures signed contracts on existing homes, making it a forward-looking indicator for closings as measured by Existing Home Sales.

What’s the bottom line? While September’s boost in signed contracts shows resiliency in the housing market, they remain at “historically low levels” per Lawrence Yun, chief economist for the National Association of REALTORS®. Elevated mortgage rates have certainly caused many buyers to press pause on the home search, but tight inventory remains a key challenge as well. Yun stressed that increased supply is crucial to “get the overall housing market moving.”