News

Issues and events that shape Long Island's economic and legislative landscape.

Monday, July 28, 2014

Statement from LIA Chief Economist John Rizzo on NAR Pending Sales Figures

"The National Association of Realtors' Pending Home Sales Index declined by 5.6% in September from August, and by 1.2% from a year ago.  This pattern may reflect higher mortgage rates and rising home prices.  Mortgage rates did continue to tick upward in September, rising to 4.49% for a conventional 30- year mortgage, up from 4.46% in August.  This rate was 3.47% a year ago.  However, the 30-year fixed rate declined to 4.13% in late October, its lowest level in four months. This is a positive sign for the housing recovery.  Despite today's results for pending sales, year-over-year actual sales  in September 2013 were 10.7% higher, the 27th consecutive year-over-year increase.  Moreover, the recent decline in mortgage rates may serve to bolster sales going forward."