"Pending home sales ticked up in October from September, another sign that easing mortgage rates and slightly improved affordability are coaxing more buyers back into the market, Odeta Kushi, the deputy chief economist at First American, said in a statement. The monthly uptick and nearly flat level compared with a year ago, suggests a market that is stabilizing rather than stalling out."
"There is definitely regional variation in buyer activity, Lisa Sturtevant, the chief economist at Bright MLS, said in a statement. More inventory in the South and relative affordability in the Midwest likely drove the stronger pending sales activity. Realtors' Confidence Index survey, which was also released on Tuesday, shows that 17% of NAR members expect an increase in buyer traffic over the next three months. This is down from 20% in September and 19% a year ago."
"Looking ahead, economists are optimistic about both the housing market and the broader economy. October's report fits neatly into a broader pattern, Khushi said of the October pending home sales report. Mortgage rates are on track to fall for a fifth straight month, and the monthly mortgage payment on the median-priced existing home in October was the lowest it has been all year."
An index value of 100 equals contract activity in 2001. Pending home sales increased in October from September and stayed nearly flat compared with a year earlier, signaling stabilization rather than decline. Monthly regional increases occurred in the Northeast (67.2, +2.3%), Midwest (77.7, +5.3%) and South (91.4, +1.4%), while the West fell 1.5% to 58.3. Year-over-year activity rose in the Midwest (+0.9%) and South (+2.0%) and fell in the Northeast (-1.0%) and West (-7.0%). Realtor survey responses show 17% expect higher buyer traffic and 16% expect higher seller traffic, both down from recent readings. Mortgage rates are trending lower, median mortgage payments hit the year's low, and November purchase application data point to additional momentum.
Read at www.housingwire.com
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