Pending Home Sales Fell To Lowest Level On Record In October

MIAMI, FLORIDA - JANUARY 30: A House For Sale sign is seen outside of a home on January 30, 2019 in Miami, Florida. The pending home sales index dropped 2.2 percent to 99.0, down from 101.2 in November, the weakest reading since April 2014 according to the National Association of Realtors. (Photo by Joe Raedle/Getty Images)
  • Home sales fell in October to their lowest level on record, declining at a faster rate than during the 2008 housing collapse, new figures show.
  • The Pending Home Sales Index from the National Association of Realtors (NAR) found transactions slumped 1.5 percent in a month. Over the year it means sales dropped 8.5 percent.
  • It brought the NAR’s index down to 71.4 out of 100 – its lowest figure since it began in 2001. An index of 100 indicates it is equal to the level of activity at the start of the millenium.
  • NAR chief economist Lawrence Yun said: ‘During October, mortgage rates were at their highest, and contract signings for existing homes were at their lowest in more than 20 years.