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Pending Home Sales Rebound, Beating Expectations; Rates Bounce to 2-Week Highs

Pending Home Sales Rebound, Beating Expectations; Rates Bounce to 2-Week Highs

Pending home sales posted their first strong showing in three months in October, beating even the most optimistic of predictions. The National Association of Realtors® (NAR) said its Pending Home Sales Index (PHSI) jumped by 3.5 percent compared to September, to a reading of 109.3. The September index, originally reported at 106.0, unchanged from August, was revised down to 105.6. The PHSI, a forward-looking indicator of existing home sales, is at its highest reading since June, but continues to run behind year-ago levels. The October index was 0.6 percent below the same month in 2016. Analysts polled by Econoday had expected the index to rise, but only by 0.6 to 2.5 percent. The consensus estimate was 1.0 percent. Lawrence Yun, NAR chief economist, says pending home sales in the South
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