Pending home sales surged 2.0% in October

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Pending Home Sales surged 2.0% in October,

marking the third consecutive month of gains, according to the National Association of REALTORS®. All four major U.S. regions experienced month-over-month increases, with the Northeast leading the charge. Year-over-year, contract signings were up 5.4%, signaling a strong rebound in the housing market and highlighting the strength of Pending Home Sales.

The Pending Home Sales Index, which tracks contract signings, rose to 77.4 in October, fueled by increased housing inventory and steady job growth. NAR Chief Economist Lawrence Yun noted that despite modestly rising mortgage rates, market momentum is building after nearly two years of slow sales activity. This uptick in Pending Home Sales reflects growing buyer confidence as the market stabilizes.

Regionally, the Northeast saw the largest jump, up 4.7% from September and 7.2% year-over-year. The West posted a notable 16.8% increase in Pending Home Sales compared to last year. Yun adds that rising inventory and a strong economy are bringing more buyers to the market, which continues to support the growth in Pending Home Sales.

The consistent improvement in Pending Home Sales underscores the resilience of the housing market despite challenging economic conditions. Housing inventory improvements and the uptick in buyer activity are key factors contributing to the gains in Pending Home Sales.

The next Pending Home Sales Index report will be released on December 30th, giving us an early look at how the market is shaping up for the end of the year. Economists and real estate professionals alike are eager to see if the upward trend in Pending Home Sales will continue into 2024. As of now, the steady rise in Pending Home Sales is a positive sign for the housing market’s recovery.

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Boomers Face Crisis in Retirement Housing Shortage

Baby-boomer homeowners, who benefited from skyrocketing housing prices, are now facing a new crisis: a shortage of accessible and affordable retirement housing. This generation, now aged 59 to 78, has seen their home equity surge, particularly in the last decade, thanks to a nationwide housing shortage. But as they approach their 80s, many are struggling to find homes that meet their evolving needs.

A new report from Harvard’s Housing an Aging Society Program reveals that fewer than 4% of U.S. homes have the key features necessary for aging adults—single floors, wide hallways, and no steps to enter. With restrictive land-use laws and rising insurance costs, many boomers are stuck in their homes, unable to downsize or move to more suitable options.

The issue is compounded by rising healthcare costs and a growing number of boomers facing financial strain. Experts warn that the shortage of retirement housing, combined with soaring housing costs, will hurt lower- and middle-income boomers the hardest, with serious consequences for our aging population.

As the oldest boomers turn 80, this issue is expected to worsen, leaving many homeowners with difficult choices ahead.

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Friends Star Matthew Perry’s Home Finds New Owner

And finally, the iconic Los Angeles home once owned by Friends star Matthew Perry has sold for $8.5 million, just one year after his tragic passing. But this property has a storied past. Before Perry, it was the longtime residence of Hollywood’s Golden Age power couple, Stanley Rubin and Kathleen Hughes, who lived there for nearly seven decades.

Originally built in the late 1950s, the midcentury-modern home was designed by architect Richard Frazer for Rubin, a prolific film/TV writer and producer, and Hughes, an actress best known for MASH* and It Came from Outer Space. The home, tucked away on a secluded cul-de-sac, underwent a complete remodel after it was sold to a developer last year.

The revamped 3,500-square-foot home now boasts sleek custom interiors, including terrazzo floors, a massive stone fireplace, and a spacious primary suite with outdoor shower access. The property sits on a half-acre with stunning city and canyon views, featuring a freeform pool, spa, and fire pit.

Originally listed for nearly $11 million, the home was eventually sold for $8.5 million, reflecting the shifting dynamics of the luxury real estate market.

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