US Pending Home Sales Plunge 7.3% in September to Record Low

U.S. pending home sales dropped 7.3% in September, driving the index to an all-time low of 66.0, according to the National Association of Realtors. The drop marked the lowest level since tracking began in 2001 and was substantially worse than consensus forecasts, which predicted a 0.4% to 0.6% decline. Contract signings had previously risen 0.3% to 71.2 in August. Annual sales fell 12.6% year-over-year. Weakness was broad-based across all regions, led by a 9.2% slide in the West, as average 30-year fixed mortgage rates rose above 7%.