Pending Home Sales Increase in October

Pending home sales increased by 1.9% in October from the prior month, according to the National Association of Realtors’ Pending Home Sales Report.

The report noted pending home sales fell 0.4% on a year over year basis.

Month-over-month pending home sales rose in the Northeast, Midwest and South and declined in the West. Year-over-year pending home sales increased in the Midwest and South and decreased in the Northeast and West, the report noted.

“The Midwest shined above other regions due to better affordability, while contract signings retreated in the more expensive West region,” NAR Chief Economist Lawrence Yun said. “Days on the market typically lengthen from November through February, providing better negotiating power to buyers during the holiday season.”

Yun added that job gains in September were “reassuring” and suggest the economy is not slipping into a recession. “This may boost confidence in future homebuying,” he said.

The report included information about October’s Realtors Confidence Index survey, which found that 17% of NAR members expect an increase in buyer traffic over the next three months, down from 20% September and 19% one year ago. Meanwhile, 16% expect an increase in seller traffic, down from 19% last month and 19% in October 2024.