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Pending Sales Post First Gain in 3 Months; Rates Remain Steady; Busy Week Ahead

Pending Sales Post First Gain in 3 Months; Rates Remain Steady; Busy Week Ahead

There was a slight uptick in contract signings for home purchases in October after two straight months of declines. The National Association of Realtors® (NAR) said today that its Pending Home Sales Index (PHSI) inched up by 0.2 percent to 107.7 in October. The September index was revised up from 106.8 to 107.5 but still represented a loss compared to August. The index is now 3.9 percent higher than in October 2014 and has increased on a year-over-year basis for 14 consecutive months. NAR's index is based on contract signings and is a leading indicator of home sales. Contracts typically become closed transactions in 60 days or less. Lawrence Yun, NAR chief economist, noted that pending sales have been relatively flat through the fall and said it reflected continuing low inventories and
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