Data: National Association of Realtors; Chart: Axios Visuals
Momentum is still building in the housing market. Pending home sales jumped 8.1% in August — far exceeding analyst expectations for around 1% growth.
State of play: Pending sales, or signed contracts, had cooled during the prior two months, though remained above pre-pandemic levels.
The latest figures, out Wednesday from the National Association of Realtors, imply that September's existing-home closed sales will be the highest since January, according to a research note from Pantheon Macroeconomics.
The big picture: "Rising inventory and moderating price conditions are bringing buyers back to the market," said Lawrence Yun, chief economist at NAR, in the release.
"Affordability, however, remains challenging as home price gains are roughly three times wage growth," Yun said, adding that the imbalance is unsustainable over the long term.
Context: Home prices surged over the back half of last year and the first part of this year.
The median existing home price in August was 14.9% higher than it was a year before, NAR said last week.