Pending Home Sales Fell in October. Here's What That Means

Maurie Backman, The Motley Fool
·3-min read
Pending Home Sales Fell in October. Here's What That Means

The housing market has been hot in 2020, and low mortgage rates have largely driven that trend. In fact, with the average 30-year fixed mortgage rate sitting well below 3% since summertime, it's easy to see why prospective buyers have clamored for homes. Pending home sales fell 1.1% from September, and while that figure was still 20.2% higher than in October of 2019, it represents a month-to-month decline.