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Pending Home Sales Slow in October but Remain Higher Than a Year Ago
Pending home sales declined in October but remained at a healthy level of activity and are above year-over-year levels for the second straight month, according to the National Association of Realtors®. The Pending Home Sales Index,* a forward-looking indicator based on contract signings, 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. Lawrence Yun, NAR chief economist, says despite October's modest decline, contract ... (full story)