W
ASHINGTON (November 27, 2024) – For the third consecutive month, pending home sales rose in October, according to the National Association of REALTORS. The Northeast led the way with significant gains, while all four major U.S. regions experienced year-over-year increases in contract signings.
The Pending Home Sales Index (PHSI) jumped 2.0% to 77.4 in October, marking a 5.4% increase from last year. NAR Chief Economist Lawrence Yun attributed the momentum to continuous job additions and growing housing inventory, despite modestly rising mortgage rates.
Regional Breakdown:
* The Northeast PHSI surged 4.7% to 68.7, up 7.2% from October 2023.
* The Midwest index grew 4.0% to 77.8 in October, up 1.8% from the previous year.
* The South PHSI increased 0.9% to 90.0 in October, up 2.5% from a year ago.
* The West index edged higher by 0.2% from the prior month to 64.1, up 16.8% from October 2023.
Yun noted that contract signings increased in all major regions, with notable gains in the expensive Northeast and West. He attributed this growth to a record-high stock market benefiting upper-end home buyers.
The National Association of REALTORS represents 1.5 million members involved in residential and commercial real estate industries. For consumer guides on navigating homebuying and selling transactions, visit facts.realtor.
The Pending Home Sales Index is a leading indicator for the housing sector, based on pending sales of existing homes. A sale is listed as pending when the contract has been signed but the transaction has not closed. The index is based on a sample that covers about 40% of multiple listing service data each month.
Existing-Home Sales for November will be reported on December 19, and the next Pending Home Sales Index will be released on December 30.
