Pending home sales fell 1.5% in October 2023, with the West, Midwest and South posting month-over-month losses in transactions and the Northeast experiencing gains. All four U.S. regions had year-over-year declines in transactions. High mortgage rates and limited housing inventory kept housing demand from being fully satisfied.
Next release: Pending Home Sales for November 2023 will be released on Thursday, December 28, 2023 at 10 a.m. Eastern.
The Pending Home Sales Index (PHS), a leading indicator of housing activity, measures housing contract activity, and is based on signed real estate contracts for existing single-family homes, condos, and co-ops. Because a home goes under contract a month or two before it is sold, the Pending Home Sales Index generally leads Existing-Home Sales by a month or two.