Pending Home Sales, which are signed contracts on existing homes, rose 2% from September to October per the National Association of REALTORS® (NAR). This marked the third consecutive monthly rise as sales were also 5.4% higher than they were a year earlier.
What’s the bottom line? Contract signings rose across all regions of the country in October as NAR’s Chief Economist Lawrence Yun, noted that “homebuying momentum is building after nearly two years of suppressed home sales.” Yun added that, “Even with mortgage rates modestly rising despite the Federal Reserve’s decision to cut the short-term interbank lending rate in September, continuous job additions and more housing inventory are bringing more consumers to themarket.”