Pending Sales of U.S. Existing Homes Increased 0.1% in October

Contracts to purchase previously owned U.S. homes increased marginally in October as a strong labor market and growing wages continue to support demand, according to figures released Wednesday from the National Association of Realtors in Washington.

The figures show the housing market was making measured progress in the month leading up to a jump in borrowing costs. Demand has been supported by solid job growth and rising wages. A sustained pickup in mortgage rates after a spike earlier this month, along with a limited number of available properties, are potential headwinds to further progress.