Pending Home Sales Fairly Stable

The National Association of Realtors reported pending home sales declined 0.7% in October from an upwardly revised reading in September that translated to a 4.3% decline versus August from an originally reported 4.6% decline.

Pending home sales increased 7.8% in the South and 0.6% in the Northeast. However, pending sales were down 4.3% in the Midwest and 8.7% in the West, which is dominated by the California market.

The overall level of 88.9 for October is 1.0% below the prior-year period, which is a hopeful sign of stabilization for the distressed housing market. Economists had expected a 3.0% decline in pending home sales for October.

Source

President
Jane Sadowy

www.Real Estate Ask Us.com