U.S. Pending Home Sales Surge to March High

Pending home sales in the U.S. surged by 7.4% in September compared to August, reaching the highest level since March, as buyers took advantage of lower mortgage rates and increased inventory. However, mortgage rates began climbing in October, which may hinder future growth in home sales. Central Austin experienced fewer home sales year-over-year in September, with homes spending more days on the market. Meanwhile, the UK housing market saw a four-year high in sales, driven by first-time buyers and rising incomes, despite modest house price growth. In the U.S., new home sales also rose to a 16-month high, with many buyers opting for new constructions due to builder incentives, despite high prices. Analysts suggest that while the current momentum in the housing market is strong, its future depends on mortgage rate trends and upcoming economic conditions, including the U.S. general election.