U.S. Pending Home Sales Rebound

Washington, Muharram 26, 1438, October 27, 2016, SPA — Contracts to buy previously owned U.S. homes rose more than expected in September, an industry group reported Thursday, pointing to underlying momentum in the housing market and rising sales in the final months of 2016.
The National Association of Realtors (NAR) said its pending home sales index, based on contracts signed last month, increased 1.5 percent to 110 following a decline in August. The index was up 2.4 percent from a year ago, the NAR said.
Pending sales contracts are a gauge of future home purchases. A sale is typically completed one or two months after a contract is signed.
Sales of existing homes have improved for much of this year. Home resales jumped 3.2 percent in September after two consecutive months of declines, as first-time buyers entered the market, the NAR reported earlier.
But stronger growth in home sales is limited by a shortage of properties on the market. The supply of available homes was 2.04 million units last month, down 6.8 percent from a year ago. The tight inventories drove the median price of an existing home up 5.6 percent from a year earlier.
18:29 LOCAL TIME 15:29 GMT