Pending Home Sales Retreat in October

The National Association of Realtors® (NAR) has reported that their Pending Home Sales Index (PHSI), slipped <-1.7%> in October, after 2-months of upward movement. Of the 4 reporting zones, only the Northeast experienced a minor up tick, all other zones lost ground. However, pending home sales were up nationally and up in all regions compared to a year ago. The PHSI is a leading indicator of housing activity, measures housing contract activity, and is based on signed real estate contracts, not actual closings, for existing single-family homes, condos, and co-ops. The PHSI generally leads Existing-Home Sales by a month or two.