NAR released a summary of pending home sales data showing that October’s pending home sales pace was up 3.5 percent last month and down slightly 0.6 percent from a year ago.
Pending sales represent 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.
Three of the four regions showed declines from a year ago with the South having the only gain of 2.0 percent. The Midwest had the smallest dip of 0.9 percent followed by the Northeast with a decrease of 1.9 percent. The West had the biggest drop of 4.4 percent.
From last month, three of the four regions showed inclines in sales. The West had the only decline of 0.7 percent. The Northeast had a gain of 0.5 percent followed by the Midwest with an increase of 2.8 percent. The South had the largest gain of 7.4 percent.
The U.S. pending home sales index level for the month was 109.3. September’s data was revised down slightly to 105.6.
In spite of the decline, this is the pending index’s 42nd consecutive month over the 100 level.
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.