November 25, 2013 by Coester

Posted To: MND NewsWire

Pending home sales fell in October to the lowest level in nearly a year. The Pending Home Sales Index (PHSI) released this morning by the National Association of Realtors® (NAR) slipped 0.6 percent to 102.1 in October from a revised estimate of 102.7 in September. It was down 1.6 percent from the October 2012 of 103.8. October was the fifth consecutive monthly decline for the index and its lowest level since December 2012. NAR’s PHSI is a forward looking measure of contracts signed for home purchases. The contracts are expected to become closed sales, usually within two months of contract signing. Conditions were mixed across the country and Lawrence Yun, NAR’s Chief Economist, said activity was not as weak as had been expected. In a survey, 17 percent of Realtors reported delays in October…(read more)

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