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- U.S. pending home sales down 1.7 percent in October
U.S. pending home sales down 1.7 percent in October
The National Association
of Realtors (NAR) announced on Wednesday its seasonally adjusted pending home
sales index (PHSI) fell 1.7 percent m-o-m to 106.7 in October, after an
unrevised 1.5 percent m-o-m gain in September.
Economists had
expected pending home sales to increase 0.8 percent m-o-m in October.
On y-o-y basis,
the index climbed 4.4 percent after a 3.9 percent increase in September. That
was the largest annual advance in pending home sales since December 2015.
According to
the report, almost all regional indices recorded m-o-m declines in October. The only
exception was the PHSI in the Northeast, which rose 1.9 percent m-o-m to 95.7
in October, 3.0 percent higher than a year ago. In the Midwest, the index slid
2.7% to 101.4 last month, 1.8% higher than in October 2018. Meanwhile, the
index in the West declined 3.4 percent m-o-m in October 2019 to 91.9, which was
an increase of 7.5 percent from a year ago, the index in the Midwest fell 2.7
percent m-o-m to 101.4 last month, 1.8 percent higher than in October 2018, and
the index in the South dropped 1.7 percent m-o-m to 125.3 in October, a 5.1
percent advance from last October.
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