Pending Home Sales Drop in October

Pending home sales fell during the month of October, according to the National Association of Realtors. The overall index for pending home sales dipped by nearly 2%. Contracts to purchase previously owned homes in the U.S. also fell in October.

The pending index provides a forward look into the health of real estate and construction of new residential buildings (single-family homes, multi-family homes, etc.).

Sales are also down year-over-year: In October 2018, pending sales rose by nearly 5%. This October, contracts increased in the Northeast but fell in the South, West and Midwest regions of the U.S.

—Christie Citranglo, editorial associate