US Pending Homes Sales Declined 1.5% Month-Over-Month and 8.5% Year-Over-Year in October

Posted on November 30, 2023

On Thursday (11-30-23), The National Association of Realtors® (NAR) reported its Pending Homes Sales Index (PHSI)—which is based on signed real estate contracts, not actual closings, for existing single-family homes, condominiums, and co-ops—declined 1.5% in October from September to a reading of 71.4. An index of 100 is equal to the level of contract activity in 2001. Year-over-year, pending homes sales declined 8.5%.

In October, three out of the four reporting regions posted a month-over-month declines, NAR reported.

  • The Northeast PHSI rose 2.7% from September to a reading of 64.8 but was down 6.5% when compared to October 2022.
  • The Midwest index declined 0.4% to a reading 73.8 in October and was down 10.3% year-over-year.
  • The South PHSI fell 1.9% in October to a reading of 85.6 and was down 7.1% when compared to October 2022.
  • The West index dropped 6.0% in October to a reading of 51.8 and was down 10.8% year-over-year.
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