Pending home sales dropped 2.6 percent in October, according to the National Association of Realtors.
October’s pending home sales also signaled the tenth consecutive month of year-over-year declines, falling 6.7 percent compared with October 2017 sales.
“The recent rise in mortgage rates have reduced the pool of eligible homebuyers,” NAR Chief Economist Lawrence Yun stated.
Pending home sales fell 1.8 percent in the Midwest, 1.1 percent in the South and 8.9 percent in October, while in the Northeast they grew 0.7 percent.
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