Pending home sales in October were up by 1.9% from September and were down by a slight 0.4% from on year earlier, according to data from the National Association of Realtors (NAR).
On a regional basis, month-over-month pending home sales were up in the Northeast, Midwest and South but declined in the West. Year-over-year pending home sales rose in the Midwest and South while decreasing in the Northeast and West.
“The Midwest shined above other regions due to better affordability, while contract signings retreated in the more expensive West region,” said NAR Chief Economist Lawrence Yun. “Days on the market typically lengthen from November through February, providing better negotiating power to buyers during the holiday season.”
NAR added that its Realtors Confidence Index survey showed 17% of its members were expecting an increase in buyer traffic over the next three months, down from 20% September and 19% one year ago. Meanwhile, 16% expect an increase in seller traffic, down from 19% last month and 19% in October 2024.
“Job gains in September, following the data blackout, are reassuring and suggest the economy is not slipping into a recession,” Yun added. “This may boost confidence in future homebuying.”
