Pending home sales declined a seasonally adjusted 1.1 percent from September. The pending home sales index remains 2.2 percent above its year-ago level and is still consistent with modest gains in existing home sales.
Down on the Month, but Trend Remains Positive
Outlook Remains Intact
Down on the Month, but Trend Remains Positive
- The Pending Home Sales Index declined 1.1 percent from September, but remains up 2.2 percent year-over-year.
- Pending home sales have now completely retraced the decline that took place following the spring 2013 spike in mortgage rates amid the Taper Tantrum. Existing home sales have also been held back by the exit of investor purchasers and the slow return of traditional buyers.
Outlook Remains Intact
- The Northeast was the only positive contributor in October, up 0.5 percent. The decline was led by the South and West, which fell 1.0 percent and 3.2 percent, respectively.
- Pending home sales have rebounded off recent lows in every region. Sales in the South and Northeast have recovered most, while sales in the West, where investor activity had been strongest, have retraced less of their post-Taper Tantrum slide.
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