Pending Home Sales Crawl Forward in October

Pending Home Sales Crawl Forward in October

National Association of Realtors, WASHINGTON (November 30, 2016) — Pending home sales were mostly unchanged in October, but did squeak out a meager gain for the second consecutive month, according to the National Association of Realtors®.

The Pending Home Sales Index,* a forward-looking indicator based on contract signings, inched up 0.1 percent to 110.0 in October from a slight downward revision of 109.9 in September. With last month's small increase, the index is now 1.8 percent higher than last October (108.1).  

Lawrence Yun, NAR chief economist, says October's minuscule uptick in contract activity nudged pending sales up to their highest level since July (111.2). "Most of the country last month saw at least a small increase in contract signings and more notably, activity in all four major regions is up from a year ago," added Yun. "Despite limited listings and steadfast price growth that's now carried into the fall, buyer demand has remained strong because of the consistently reliable job creation in a majority of metro areas."  

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