CNBC's Diana Olick reports on the latest U.S. housing data.

Pending home sales for September were unchanged compared to August, according to data from the National Association of Realtors. Year over year, pending sales dropped by 0.9 percent, missing expectations for a 1 percent gain. The data is based on signed contracts, reflecting buyer activity when average mortgage rates were between 6.4 and 6.5 percent—higher than current rates.

Regionally, pending sales increased in the Northeast and South but declined in the Midwest and West. Housing inventory reached a five-year high, although it is still considered low historically. Despite a strong stock market and rising housing wealth, these factors did not offset concerns about a softening job market.

September pending home sales comes in flat monthly

in that space. First, though, let's get some housing data with Diana Olick. Morning, Diana. Good morning, Carl. Pending home sales in September were unchanged from August and dropped 0.9 percent year over year. That, according to the National Association of Realtors, the street was looking for a 1 percent gain after an even larger gain in August. Now, this count is based on signed contracts, so people out shopping in September and making that decision when the average rate on the 30-year fix was generally on the decline but had not dropped as much as it did this month. So it's between 6.4 and 6.5 percent versus today's 6.1 percent. Now, regionally, sales rose in the Northeast and South but fell in the Midwest and West. Inventory has climbed to a five-year high, although still on the lean side historically. The Realtors' chief economist, Lawrence Yun, noted in the release that a record high stock market and growing housing wealth in September were not enough to offset a likely softening job market. Carl? Diana, we'll talk more about that and how it relates to the Fed in a minute. Thank you, Diana Olek.

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