US Pending Home Sales Edge up in October

30 Nov 2015 | Author: | No comments yet »

Pending Sales of Previously Owned Homes in U.S. Increase 0.2%.

Contract signings to purchase previously owned U.S. homes rose less than forecast in October after declining in the prior two months, showing residential real estate is cooling heading into the quieter selling season. 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. Purchase contracts rose 2.1 percent in the 12 months ended in October on an unadjusted basis after a 3.2 percent annual gain in September, the NAR report showed. 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. Home resales, which make up about 90 percent of the market, retreated in October from the second-highest level since 2007, the NAR reported last week.

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