The
National Association of Realtors said on Tuesday its Pending
Home Sales Index, based on contracts signed last month, advanced
1.5% to a reading of 108.7.
Economists polled by Reuters had forecast pending home sales
rising 0.9% in September.
Pending home contracts become sales after a month or two, and
last month's increase suggested a rebound in existing home
sales, which declined 2.2% in September. Pending home sales
surged 3.9% in September from a year ago.
A persistent shortage of homes for sale has constrained the
housing market despite lower mortgage rates and a slowdown in
prices. Builders continue to complain that a lack of land and
labor is making it difficult to break more ground especially on
homes priced below $200,000, which are most sought after.
Investment in homebuilding has contracted for six straight
quarters, the longest such stretch since the Great Recession.
In September, home purchase contracts increased 2.6% in the
populous South. Contracts rose 3.1% in the Midwest. They
declined 1.3% in the West and fell 0.4% in the Northeast.
(Reporting By Lucia Mutikani and Lindsay Dunsmuir; Editing by
Andrea Ricci)
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