Weakness was led by a 3.2 percent fall in the West with the South decreasing 1.0 percent and the Midwest slipping 0.6 percent. The Northeast edged up 0.5 percent.
Housing on average is on a marginal upward trajectory-nearly flat. The year-ago pending home sales index posted at up 2.2 percent for October.
Recent History Of This Indicator:
The pending home sales index has been pointing to continued modest growth in sales. Pending home sales were up 0.3 percent in September after a 1.0 drop in August. This was a small gain but nevertheless hints at growth ahead for existing home sales, final sales of which have been up-and-down all year. Looking at pending sales, which are defined as contract signings, strength was led by a 1.4 percent rise in the South which is by far the largest housing region and the region where sales have been strongest. Right behind at plus 1.2 percent was the Northeast with the Midwest and West both showing declines at minus 1.2 percent and minus 0.8 percent. One subtle plus in the report was the year-on-year trend which, after spending most of the year in the minus column, was back on the plus side at 1.0 percent, modest but a move in the right direction.
The pending home sales index has been pointing to continued modest growth in sales. Pending home sales were up 0.3 percent in September after a 1.0 drop in August. This was a small gain but nevertheless hints at growth ahead for existing home sales, final sales of which have been up-and-down all year. Looking at pending sales, which are defined as contract signings, strength was led by a 1.4 percent rise in the South which is by far the largest housing region and the region where sales have been strongest. Right behind at plus 1.2 percent was the Northeast with the Midwest and West both showing declines at minus 1.2 percent and minus 0.8 percent. One subtle plus in the report was the year-on-year trend which, after spending most of the year in the minus column, was back on the plus side at 1.0 percent, modest but a move in the right direction.
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