US pending home sales surged 3.5 per cent in October
WASHINGTON — More people signed contracts in October to buy homes, ending three straight months of declines.
The National Association of Realtors said Wednesday that its index of pending home sales jumped 3.5 per cent to 109.3 in October.
Despite the increase, the index remains slightly below its level of 12 months ago. A shortage of properties for sale has contributed to rising prices, likely causing some would-be buyers to retreat from the housing market for now. On an annual basis, pending sales have fallen in six of the past seven months.
Home buying has faced a downward pull largely because fewer homes are available for purchase. Sales listings have fallen 10.4 per cent from a year earlier to 1.8 million, the fewest homes on the market in any October since the Realtors began tracking the data in 1999.