Pending Home Sales Are Slow but Steady in October

1 Dec 2015 | Author: | No comments yet »

Pending Home Sales Rise Modestly.

Signed contracts to buy existing homes were essentially flat from September, eking out a 0.2 percent gain, according to the National Association of Realtors’ monthly index of pending sales.

These contracts are a forward-looking indicator of closed sales in November and December. “Contract signings in October made the most strides in the Northeast, which hasn’t seen much of the drastic price appreciation and supply constraints that are occurring in other parts of the country,” said Lawrence Yun, the Realtors’ chief economist. “In the most competitive metro areas — particularly those in the South and West — affordability concerns remain heightened as low inventory continues to drive up prices.” After a busy spring, home sales have trended down slightly, but strong job growth in some markets has kept the overall pace improved from last year. The Realtors reported last week that completed sales had risen 3.9 percent from a year ago, even as buyers have fewer choices because the number of listings on the market has dropped 4.5 percent. Mortgage interest rates have been rising for the past several weeks and could see bigger gains going into 2016 if the Federal Reserve raises rates in December.

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