US pending home sales fell to their lowest level in 20 years last month
US pending home sales fell to their lowest level in 20 years in October as mortgage rates surged to their highest levels of the year, according to a report released Thursday.
Pending home sales dropped 1.5% last month from September, monthly data from the National Association of Realtors showed. The pending home sales index — a forward-looking indicator based on contract signings rather than closings — was down 8.5% from a year ago.
Only the Northeast saw monthly gains in pending transactions in October, while the Midwest, South and West all experienced a loss. All four US regions had year-over-year declines in transactions.