NAR: Pending home sales rise 0.1% in October
An update of a widely tracked forward-looking indicator of home purchases in the United States revealed on Wednesday that the activity in the sector inched 0.1% up last month. The reading of 110 in the index, after a slight downward revision for September, is 1.8% higher than 12 months before, according to data compiled by the National Association of Realtors (NAR). The pending sales gauge climbed to a record high since July.
"Activity in all four major regions is up from a year ago. Despite limited listings and steadfast price growth that's now carried into the fall, buyer demand has remained strong because of the consistently reliable job creation in a majority of metro areas," said Lawrence Yun, the organization's chief economist.
The rise in house prices in the country is outpacing wage increases by three times, though the rate of job creation in most urban regions is strong, the report said. NAR registered a seasonal decline in new listings. The press release added 40% of sales were concluded at a higher price than what was listed, up seven percentage points from the level measured in October of last year.