US pending home sales up 7.5% in October

Monday, 29. November 2021 16:00

Pending home sales in the United States jumped 7.5% in October compared to the previous month, the National Association of Realtors (NAR) said on Monday. The Pending Home Sales Index (PHSI) stood at 125.2 in October. However, the index declined 1.4% on a yearly basis.

Month-over-month, the PHSI advanced 6.9% in the US Northeast, surged 11.8% in the Midwest, increased by 8% in the South and rose by 2.1% in the West.

"Motivated by fast-rising rents and the anticipated increase in mortgage rates, consumers that are on strong financial footing are signing contracts to purchase a home sooner rather than later. This solid buying is a testament to demand still being relatively high, as it is occurring during a time when inventory is still markedly low," NAR's Chief Economist Lawrence Yun commented.

Related Links: 
Author:
Baha Breaking the News (BBN) / MS