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Pending Sales Slide to 20-year Low

Pending Sales Slide to 20-year Low

The National Association of Realtors® (NAR) said its Pending Home Sale Index (PHSI) established a record low in October. The Index, a forward-looking indicator of contracts signed to purchase single-family homes, townhomes, condominiums, and cooperative apartments, dropped 1.5 percent to 71.4 in October, the lowest number since the index was originated in 2001 . The Index has now fallen 8.5 percent in the last year.   [pendinghomesdata] Lawrence Yun, NAR’s chief economist said, “During October, mortgage rates were at their highest, and contract signings for existing homes were at their lowest in more than 20 years. Recent weeks’ successive declines in mortgage rates will help qualify more home buyers, but limited housing inventory is significantly preventing housing demand from ful
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