Pending Home Sales Decline, But Still in Strong Territory

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Posted To: MND NewsWire

Pending home sales slipped in October after two months of solid gains. The National Association of Realtors® (NAR) said its Pending Home Sale Index (PHSI), a leading indicator of existing home sales, retreated 1.7 percent to 106.7 in October. The Index had gained an aggregate of 4 percentage points over the previous two months. The PHSI was up 4.4 percent from its reading in October 2018. This month neither Econoday nor MarketWatch published analysts’ forecasts for pending home sales. Lawrence Yun, NAR’s chief economist, noted the decline in inventory and a small rise in mortgage rates from the prior month to explain, in part, the October decline in contract activity. “While contract signings have decreased, the overall economic landscape remains favorable ,” Yun said. “Mortgage rates continue…(read more)

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