- NAR released a summary of pending home sales data showing that October’s pending home sales pace was up 3.5 percent last month and down slightly 0.6 percent from a year ago.
- Pending sales represent homes that have a signed contract to purchase on them but have yet to close. They tend to lead Existing Home Sales data by 1 to 2 months.
- Three of the four regions showed declines from a year ago with the South having the only gain of 2.0 percent. The Midwest had the smallest dip of 0.9 percent followed by the Northeast with a decrease of 1.9 percent. The West had the biggest drop of 4.4 percent.
- From last month, three of the four regions showed inclines in sales. The West had the only decline of 0.7 percent. The Northeast had a gain of 0.5 percent followed by the Midwest with an increase of 2.8 percent. The South had the largest gain of 7.4 percent.
- The U.S. pending home sales index level for the month was 109.3. September’s data was revised down slightly to 105.6.
- In spite of the decline, this is the pending index’s 42nd consecutive month over the 100 level.
- The 100 level is based on a 2001 benchmark and is consistent with a healthy market and existing home sales above the 5 million mark.
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