WASHINGTON (Reuters] – The September contract to purchase U.S. owned properties unexpectedly dropped in September, likely due to delays by potential buyers amid increased prices.

According to the National Association of Realtors, Thursday’s Pending Home Sales Index (based on contracts signed) fell by 2.3% to 116.7. All four regions saw a decline in pending home sales.

Reuters polled economic experts to forecast that sales contracts (which are converted into sales in a matter of months) would not change. The September number of pending home sales fell 8.0% year over year. A shortage of inventory has resulted in double-digit home price growth.

Lawrence Yun (NAR chief economist) stated that “Some potential buyers temporarily paused home searches with the intention to resume in 2022.”

Early in the coronavirus epidemic, housing demand soared. There was an exodus of people from cities to suburban areas and lower density locations. Americans were looking for larger accommodations that would allow them to have their own offices or online schools. With the COVID-19 vaccines, workers have returned to work and schools are reopened to allow for learning in person. This has lowered housing demand.

High home prices are driving first-time buyers from the market. NAR reports that September’s share of first buyers was their lowest since July 2015.