Inventories Recover as Pending Home Sales Cool

Posted To: MND NewsWire

Pending home sales in October failed to build on their small September gains - only the second uptick in six months. The Pending Home Sales Index (PHSI) from the National Association of Realtors® (NAR) declined 2.6 percent to 102.1 in October from 104.8 the prior month. The index, a forward-looking indicator based on new purchase contracts for existing homes, was down even more significantly on a year-over-year basis, falling for the tenth straight month , this time by 6.7 percent. Given the PHSI's recent track record, analysts weren't expecting much improvement. Those polled by Econoday had made predictions in the range of -0.5 percent to 1.0 percent, but the consensus was for the index to remain at the September level. Lawrence Yun, NAR chief economist, said that ten straight months of...(read more)

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