Pending home sales rose in September, despite high mortgage rates

US pending home sales ticked up in September despite mortgage rates surging over 7%.

In a surprise move, pending home sales rose 1.1% in September from August, according to a report released Thursday by the National Association of Realtors. These are levels not seen in 20 years. Pending sales were down 11% from a year ago.

The Northeast, Midwest and South saw monthly gains in transactions while the West experienced a loss. All four US regions had year-over-year declines in transactions.

Pending sales had seen slight increases in June and July, despite elevated prices and higher mortgage rates. But mortgage rates topping 7% in August snapped that streak, and pending sales dropped 7% from July to August. September saw pending sales tick back up again.

This story is developing and will be updated.