U.S. Pending Home Sales Decline

Pending home sales in the U.S. fell slightly in October, says the National Association of Realtors (NAR). Contract activity was mixed among the four major U.S. regions, with the only positive month-over-month growth happening in the south, although each region achieved year-over-year gains in pending home sales transactions. The Pending Home Sales Index (PHSI) fell 1.1 per cent to 128.9 in October, the second straight month of decline. Year-over-year, contract signings rose 20.2 per cent. An index of 100 is equal to the level of contract activity in 2001.