Octobers Pending Home Sales was much better than expected today. Pending Home Sales is the change in the number of homes under contract to be sold but still awaiting the closing transaction, excluding new construction. The forecast called for -0.7% change, but actually came in at 10.4% beating expectations.
When breaking down the pending home sales by region we find that the Western region was in the worst shape with a -0.29% change. The Midwest experienced the greatest increase in pending home sales with the Northeast following closely behind.
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