NAR released a summary of pending home sales data showing that October’s pending home sales are up 0.1 percent from last month and also up 1.8 percent from a year ago.
Pending sales are homes that have a signed contract to purchase on them but have yet to close. They tend to lead existing-home sales data by 1 to 2 months.
All regions showed increases from a year ago, the Northeast led all regions with an increase of 3.9 percent. The West followed with an increase of 2.5 from a year ago. The Midwest had an increase of 1.2 and the South had the smallest incline of 0.8 percent.
From last month, the Midwest had the largest increase at 1.6 percent. The West followed with a modest increase of 0.7 percent and the Northeast had an incline of 0.4 percent. The South had the only decline of 1.3 percent.
The pending home sales index level was 110.0 for the US. This is the pending index’s 30th consecutive month over the 100 index level. September data was revised down to 109.9.
The 100 level is based on a 2001 benchmark and is consistent with a healthy market and existing home sales above the 5 million mark.