Pending Home Sales Fall For Fifth Straight Month
Pending home sales fell for the fifth consecutive month in October, with three of the four regions seeing month-over-month declines, according to the National Association of Realtors. The Pending Home Sales Index dropped by 4.6% between September and October. Year-over-year it tanked by 37%. All four regions saw pending sales drop year-over-year. The Midwest, however, experienced a small uptick month-over-month, up by 3.3%. The Northeast PHSI fell by 4.3% from September, while the South fell 6.4% and the West saw a major decline of 11.3%. “October was a difficult month for home buyers as they faced 20-year-high mortgage rates. The West region, in particular, suffered from the combination of high interest rates and expensive home prices. Only the Midwest squeaked out…