Pending sales of existing homes likely bounced back in September after falling in the previous month. We expected pending home sales to rise 0.5% in September. In August, sales fell 1.0% but the overall report was relatively upbeat, noting improved fundamentals and future growth. Improved housing affordability and a less competitive housing market were highlighted as factors pointing to an ongoing recovery. We look for pending sales of existing homes – signed contracts that have yet to close – to maintain their steady upward climb towards their 2013 peak and in line with the rising trend in existing home sales. As ... (full story)