Pending home sales in the United States increased by 2% on a monthly basis in October, the National Association of Realtors (NAR) shared in its report released on Wednesday.
The Pending Home Sales Index (PHSI) jumped 2% to 77.4. The Northeast PHSI grew by 4.7% month-over-month to stand at 68.7 and the South PHSI climbed by 0.9% to 90.0, up by 2.5% from a year earlier, while the West PHSI landed at 64.1, observing a monthly increase of 0.2%.
"Homebuying momentum is building after nearly two years of suppressed home sales," NAR Chief Economist Lawrence Yun commented. "Even with mortgage rates modestly rising despite the Federal Reserve's decision to cut the short-term interbank lending rate in September, continuous job additions and more housing inventory are bringing more consumers to the market," he added.
