Pending home sales in October increased by 1.9% month-over-month and fell 0.4% year-over-year, according to the National Association of Realtors’ Pending Home Sales Report.
Pending home sales month-over-month increased in the Northeast (2.3%), Midwest (5.3%) and South (1.4%), and decreased in the West (-1.5%). Year-over-year pending home sales rose in the Midwest (0.9%) and South (2%), and declined in the Northeast (-1%) and West (-7%).
“The Midwest shined above other regions due to better affordability, while contract signings retreated in the more expensive West region,” said NAR Chief Economist Lawrence Yun. “Days on the market typically lengthen from November through February, providing better negotiating power to buyers during the holiday season.”
