The Pending Home Sales Index reached a level of 109.3 in October, 3.5 percent higher than September’s level of 105.6 but 0.6 percent down from October 2016’s level of 110.2, according to the National Association of Realtors.
Pending home sales were largely driven by a bounce back in the South after hurricane-related disruptions in September, said NAR Chief Economist Lawrence Yun in a statement.
“Last month’s solid increase in contract signings were still not enough to keep activity from declining on an annual basis for the sixth time in seven months,” he said. “Home shoppers had better luck finding a home to buy in October, but slim pickings and consistently fast price gains continue to frustrate and prevent too many would-be buyers from reaching the market.”
The PHSI in the Northeast in October increased 0.5 percent to a level of 95. In the Midwest, the index rose 2.8 percent to 105.8. The index in the South grew 7.4 percent to 123.6, while the PHSI in the West fell 0.7 percent to 101.6.
