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