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Pending Home Sale Index data for October 2015

The National Association of Realtors (NAR) released its Pending Home Sale Index data for October 2015, suggesting an increase in pending home sale activity from the previous month. Data shows that the index value for pending home sales was 107.7, which represents a 0.2% increase from the 107.5 index value reported last month. The pending home sale index reached as high as 112.3 in May 2015.

Economists state that sales continue to be hindered by low inventory and rapid home appreciation in many home markets. “Contract signings in October made the most strides in the Northeast, which hasn’t seen much of the dramatic price appreciation and supply constraints that are occurring here or in other parts of the country.”

The Pending Home Sales Index is a real estate indicator based on the number of pending sales of existing homes. A pending sale usually means that there is an agreement between the buyer and seller, but the transaction is not yet finalized. The number of pending sale contracts recorded determines the index value for that month.

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For more market information, please reach out to Lucy Barraza & Associates at 520-909-7653