Core Insights - Pending home sales in September remained unchanged from August and decreased by 9% year-over-year, contrary to market expectations of a 1% increase [1] - The average rate on a 30-year fixed mortgage was between 6.4% and 6.5% in September, slightly higher than the current rate of 6.1% [2] - Regional sales showed mixed results, with increases in the Northeast and South, while the Midwest and West experienced declines [2] - Housing inventory reached a five-year high, although it remains historically low [3] - The chief economist of the National Association of Realtors indicated that despite a record high stock market and increasing housing wealth, these factors were insufficient to counteract a potentially weakening job market [3]