US Pending Home Sales Rise 1.9% in October, Beating Expectations

(New York=Yonhap Infomax) Jeong Ho Jin – Pending home sales in the United States improved in October, surpassing market expectations.

According to the National Association of Realtors (NAR) on the 25th (local time), pending home sales in October increased by 1.9% month-on-month. This marks a significant improvement compared to the revised 0.1% increase recorded in September.

The October figure also exceeded the Yonhap Infomax market consensus (screen number 8808) of a 0.5% increase.

Lawrence Yun, Chief Economist at NAR, noted, "The Midwest stood out due to relatively favorable homebuying conditions," adding, "In the West, elevated price levels led to a decline in contract signings."

He further explained, "From November through February, the average days on market typically increase due to seasonal factors, which generally enhances buyers' negotiating power during the year-end period."

By region, pending home sales rose 2.3% in the Northeast, 5.3% in the Midwest, and 1.4% in the South compared to the previous month. In contrast, the West saw a 1.5% decline.

The pending home sales index is based on the number of signed contracts, with actual transactions typically completed one to two months after contract signing, according to NAR.

jhjin@yna.co.kr

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