- Prior month +7.4%
Details
- Pending home sales 2.0% versus -2.0% expected
- Home sales index 77.4 versus 75.8 last month
- Sales up 5.4% year on year. Highest level since March.
Regionally:
- Northeast 4.7% MoM and +7.2% YoY
- West 0.2% MoM 16.8% YoY
- Midwest 4.0% MoM and 1.8% YoY
- South 0.9% MoM and 2.5% YoY
There is more supply which could be helping the pending home sales. The number of active listings up 29% for the year. The number of Lockbox openings rose 7% in October vs last year according to SentriLock which is also a positive indicator.
NAR chief economist Lawrenc Yun said:
"Homebuying momentum is building after nearly two years of suppressed home sales. Even with mortgage rates modestly rising despite the Federal Reserve's decision to cut the short-term interbank lending rate in September, continuous job additions and more housing inventory are bringing more consumers to the market."
