US Pending Homes Sales Increase 2.0% in October

On Wednesday, the National Association of Realtors® (NAR) reported its Pending Homes Sales Index (PHSI) for October. The PHSI—based on signed real estate contracts, not actual closings, for existing single-family homes, condominiums, and co-ops—increased 2.0% month-over-month to a reading of 77.4 in October. Year-over-year, pending homes sales were up 5.4%. An index of 100 is equal to the level of contract activity in 2001.

NAR reported that all four major regions experienced month-over-month and year-over-year gains in transactions in October:

• The Northeast PHSI increased 4.7% from last month to a reading of 68.7, up 7.2% from October 2023.
• The Midwest PHSI grew 4.0% to a reading of 77.8 in October, up 1.8% from the previous year.
• The South PHSI increased 0.9% to a reading of 90.0 in October, up 2.5% from a year ago.
• The West PHSI edged 0.2% higher from the prior month to a reading of 64.1, up 16.8% from October 2023.