U.S. pending home sales index rebounded 7.5% to 125.2 in October
U.S. pending home sales index rebounded 7.5% to 125.2 in October, much stronger than projected, following the -2.4% drop to 116.5 (was 116.7). It is the best since December's 126.4. The record high of 130.3 was set in August 2020, with the all-time low hit in April 2020 at 70.0. The index was at 127.0 last October, for a -1.4% y/y rate of contraction versus -8.2% y/y (was -8.0%) in September and has been in contraction since June. Regionally, October sales increased in all four regions, recovering from September's declines. Sales have been on a choppy month-to-month course, impacted by low inventories, rising rents, record high prices, and weather. The NAR also suggested there has been a rush to get in before prices and mortgage rates go higher.
