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11/30/2022, 4:00 PM (Source: TeleTrader)
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US pending home sales drop 4.6% in October

Pending home sales in the United States declined by less-than-estimated 4.6% in October compared to the previous month, according to a report published by the National Association of Realtors on Wednesday. The decline extended for the fifth month in a row, with the key index landing at 77.1 points.

During this period, contract signings decreased in three of the four major regions countrywide, with only the Midwest seeing an increase. However, pending sales fell in all four regions on an annual level, as the total sales plunged as much as 37%.

"October was a difficult month for home buyers as they faced 20-year-high mortgage rates... The upcoming months should see a return of buyers, as mortgage rates appear to have already peaked and have been coming down since mid-November," NAR chief economist Lawrence Yun noted. The November data is scheduled for release on December 28.

Baha Breaking News (BBN) / ND