Pending Home Sales Fall 1.1% In October

A gauge of pending home sales fell 1.1% in October, signaling that upcoming deals could slow down, the National Association of Realtors reported Wednesday. The index of pending home sales hit a seasonally adjusted 104.1 in October, compared with 105.3 in September. “Demand is holding steady but would be more robust if it weren’t for lagging wage growth and tight credit conditions that continue to hamper those individuals looking for relief from rising rents,” said Lawrence Yun, NAR’s chief economist. Pending sales typically close within two months. An index reading of 100 equals 2001’s average contract activity level.

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