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11/30/2020, 4:00 PM (Source: TeleTrader)
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US pending home sales down 1.1% in October

Pending home sales in the United States fell 1.1% in October compared to the previous month, the National Association of Realtors (NAR) said on Monday.

Consequently, the Pending Home Sales Index (PHSI) stood at 128.9 for a second consecutive month of declines. Compared to October of 2019, the index is up 20.2%, according to the report.

"Pending home transactions saw a small drop off from the prior month but still easily outperformed last year's numbers for October. The housing market is still hot, but we may be starting to see rising home prices hurting affordability," NAR's Chief Economist Lawrence Yun noted in a statement.

Breaking the News / JC