Source: Market Watch —
The number of home buyers who signed a contract to purchase a home in October increased markedly, far exceeding economists’ expectations.
Pending home sales rose 7.5% in October compared with September, the National Association of Realtors reported Monday. Economists polled by MarketWatch had projected a 0.7% increase for pending home sales in October.
Compared with last year, pending sales were down 1.4%, reflecting how much home-buying activity has cooled from the breakneck pace of 2020.
The pending home sales index measures real-estate transactions where a contract was signed for a previously-owned home, but the sale had yet to close, and it is benchmarked to contract-signing activity in 2001. The index provides insight as to the direction existing-home sales figures will take in the months to come, which is based on closed transactions.
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