Posted To: MND NewsWire

Pending home sales, which ended a four-month streak of gains in September with a 2.2 percent decline, slipped further in October. The National Association of Realtors® (NAR) said its Pending Home Sales Index (PHSI), a measure based on contracts signed during the month to purchase existing single-family homes, townhomes, condos, and cooperative apartments, was down 1.1 percent compared to the previous month. The index, now at a 128.9 level, remains 20.2 percent higher than in October 2019. Analysts had been expecting a rebound in the forward-looking indicator. Those polled by Econoday had forecast over a range of a 1.0 percent increase to 3.9 percent with a consensus of 2.0 percent. Trading Economics had predicted a 1.0 percent gain. “Pending home transactions saw a small drop off from the…(read more)

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Source: Mortgage News Daily