Pending Home Sales fell 1.5% from September to October, reaching the lowest level since the National Association of REALTORS® began tracking them in 2001. 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? Elevated mortgage rates certainly caused many buyers to press pause on the home search this fall, but tight inventory remains a key challenge as well. NAR’s Chief Economist, Lawrence Yun, noted that “limited housing inventory is significantly preventing housing demand from fully being satisfied.” He added, “It is vital that we continue to focus on boosting housing supply by all means in all corners of the country over the coming months."