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- U.S. pending home sales unexpectedly decline in October
U.S. pending home sales unexpectedly decline in October
The National
Association of Realtors (NAR) announced on Monday its seasonally adjusted
pending home sales index (PHSI) fell 1.1 percent m-o-m to 128.9 in October,
after a revised 2.0 percent m-o-m decrease in September (originally a 2.2
percent m-o-m decline).
Economists had expected
pending home sales to advance 1.0 percent m-o-m in October.
On y-o-y basis,
the index jumped 20.2 percent, following a revised 20.8 percent climb in September
(originally a 20.5 percent m-o-m surge).
According to
the report, all four regional indices recorded double-digit year-over-year gains
in pending home sales transactions in October, but only the South saw a month-over-month increase. Pending home
sales in the South edged up 0.1 percent m-o-m to an index of 151.1 in October,
up 21.0 percent from October 2019. Meanwhile, the Northeast PHSI decreased 5.9 percent
m-o-m to 112.3 in October, an 18.5 percent advance from a year ago. In the
Midwest, the index dropped 0.7 percent m-o-m to 119.6 last month, up 19.6 percent
from October 2019. The index in the West remained the same in October, at
116.8, which was up 20.8 percent from a year ago.
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