Pending home sales increased 1.9% in October compared with September but were down 0.4% compared with October 2024, according to the National Association of Realtors (NAR).
Month-over-month, pending home sales increased 2.3% in the Northeast, 5.3% in the Midwest and 1.4% in the South, but fell 1.5% in the West.
Year-over-year, pending home sales increased 0.9% in the Midwest and 2.0% in the South but decreased 1.0% in the Northeast and 7.0% in the West.
“The Midwest shined above other regions due to better affordability, while contract signings retreated in the more expensive West region,” says Lawrence Yun, chief economist for NAR, in a statement. “Days on the market typically lengthen from November through February, providing better negotiating power to buyers during the holiday season.”
“Job gains in September, following the data blackout, are reassuring and suggest the economy is not slipping into a recession,” Yun adds. “This may boost confidence in future homebuying.”
Photo: Leon Seibert