Pending Home Sales Decline In October

pendingPending home sales declined over 1 percent in October but remain  above year-over-year levels for the second straight month, the National Association of Realtors reported on Wednesday.

The Pending Home Sales Index, a leading indicator for the housing sector, based on pending sales of existing homes, showed that contract signings decreased 1.1 percent to 104.1 in October from an upwardly revised 105.3 in September but it is still 2.2 percent higher than October 2013.

Median existing-home price for all housing types in October was $208,300, marking a 5.5 percent increase compared to October 2013.

“The increase in median prices for existing-homes has leveled off, representing a healthier pace that has kept affordability in-check for buyers in many parts of the country while giving more previously stuck homeowners with little or no equity the ability to sell,” said Lawrence Yun, chief economist from the National Association of Realtors.

Yun estimates the national median existing home price to rise 4 percent in 2015 and 2016.

But Yun forecasts existing home sales in 2014 to fall slightly to 4.9 million, below 5.1 million in 2013, before increasing to 5.3 million in 2015 and 5.4 million in 2016.

-Johnathan Schweitzer

 

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