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US pending home sales slow in October

FXStreet (London) - The Pending Home Sales Index, produced by the National Association of Realtors, decreased 1.1 percent to 104.1 in October from an upwardly-revised 105.3 in September, but is 2.2 percent higher than October 2013 (101.9).

The index is above 100—considered an average level of contract activity—for the sixth consecutive month.

The median existing-home price for all housing types in October was USD208,300, up 5.5 percent on October 2013. Monthly median price growth has averaged 5.8 percent in 2014 (through October) after averaging 11.5 percent last year.

Lawrence Yun NAR chief economist, says despite October's modest decline, contract signings have remained at a healthy pace now for six straight months. “In addition to low interest rates, buyers entering the market this autumn are being lured by the increase in homes for sale and less competition from investors paying in cash,” he said. “Demand is holding steady but would be more robust if it weren't for lagging wage growth and tight credit conditions that continue to hamper those individuals looking for relief from rising rents.”

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Sales of new single-family houses in October 2014 were at a seasonally adjusted annual rate of 458,000, according to estimates released jointly today by the U.S. Census Bureau and the Department of Housing and Urban Development. This is 0.7 percent above the revised September rate of 455,000 and is 1.8 percent above the October 2013 estimate of 450,000.
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