A Sale Pending sign is seen in front of a home in Miami, Florida.
Joe Raedle | Getty Images
Potential homebuyers may be hitting the limit of what they can afford. Pending home sales, a measure of signed contracts on existing homes, fell 2.2% in September compared with August, according to the National Association of Realtors.
It was the first monthly decline in 4 months. Analysts had expected a small monthly gain. Pending sales were 20.5% higher annually.
The Northeast, which is seeing distinct urban flight from New York City amid the coronavirus pandemic, was the only region to post