Pending home sales rise more than expected
Larry Downing/Reuters
A real estate sign advertising a home "Under Contract" is pictured in Vienna, Virginia, outside of Washington, October 20, 2014.
Compared to the prior year, sales fell 2.2%.
Economists had forecast that pending sales, which measure contract activity and are an indicator for future sales, rose 0.7% month-on-month, according to Bloomberg. Compared to the prior year, they forecast an increase by 2.2%, not seasonally adjusted.
"More home shoppers having success is good news for the housing market heading into the fall, but buyers still have few choices and little time before deciding to make an offer on a home available for sale," said Lawrence Yun, the NAR's chief economist, in the release.
The pending home sales index in the west rose to the highest level in over three years, supported by strong job gains, Yun said.
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