U.S. Pending Home Sales Rose in October by Most in Eight Months
A "For Sale" sign stands outside a home in Peoria, Illinois, U.S., on Tuesday, Oct. 20, 2015.
Photographer: Daniel Acker/Bloomberg
A gauge of signed contracts to purchase previously-owned U.S. homes rose in October by the most in eight months, primarily due to a jump in the South region that had been impacted by hurricanes, according to data released Wednesday from the National Association of Realtors in Washington.
Conditions for home ownership remain encouraging, including steady hiring, easier credit availability and borrowing costs that are still historically low. At the same time, price gains and a shortage of listings for Americans to choose from continue to be hurdles, especially for younger buyers and those entering the market for the first time.