Pending home sales increased 2.0% in October to a level of 77.4 on the National Association of Realtors Pending Home Sales Index. Compared with October 2023, pending home sales were up 5.4%.
All four major regions experienced month-over-month gains. The Northeast PHSI increased 4.7%, the Midwest index increased 4.0%, the South increased 0.9% and the West 0.2%.
"Homebuying momentum is building after nearly two years of suppressed home sales," NAR Chief Economist Lawrence Yun said in a statement. "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."
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