In a recent article written by the National Association of Realtors and published on www.realtor.org pending home sales tiptoed up a scant 0.1 percent in October, according to the National Association of REALTORS® (NAR), continuing a two-month streak of gains that now land NAR’s Pending Home Sales Index (PHSI) at 110.0, or 1.8 percent higher than last October.
“Most of the country last month saw at least a small increase in contract signings and, more notably, activity in all four major regions is up from a year ago,” says Lawrence Yun, NAR chief economist. “Despite limited listings and steadfast price growth that’s now carried into the fall, buyer demand has remained strong because of the consistently reliable job creation in a majority of metro areas.”
Contributing to current pending home sales activity, Yun notes, is the persistence of overly-lacking supply—expected this time of year—combined with fast-moving inventory and stagnant wages. Forty percent of sales sold at or above list price in October.
Warmest Regards,
Kevin Aizenshtat
Realtor