Pending Home Sales Dip in U.S.

The National Association of Realtors is reporting this week that pending home sales in the U.S. retreated in October 2019, taking a slight step back after two prior months of increases. The Northeast experienced a minor uptick last month, but the other three major U.S. regions reported declines in month-over-month contract activity. However, pending home sales were up nationally and up in all regions compared to a year ago. The Pending Home Sales Index (PHSI), a forward-looking indicator based on contract signings, fell 1.7% to 106.7 in October. Year-over-year contract signings jumped 4.4%. An index of 100 is equal to the level of contract activity in 2001.