U.S. Pending Home Sales Plunge Much More Than Expected In September

India, Oct. 20 -- Pending home sales in the U.S. plunged by much more than expected in the month of September, according to a report released by the National Association of Realtors on Tuesday.

NAR said its pending home sales plummeted by 7.3 percent to 66.0 in September after rising by 0.3 percent to 71.2 in August. Economists had expected pending home sales to fall by 0.4 percent.

"Market conditions weakened in September due to fast-rising mortgage rates," said NAR Chief Economist Dr. Lawrence Yun. "Although job growth and income gains can support home purchases, housing affordability is more affected by changes in mortgage rates."

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