U.S. pending home sales rebound in October, likely to further improve in months ahead

Pending home sales in the U.S. rebounded in October. Home sales rose 3.5 percent in the month, as compared with the consensus expectation of 1 percent. The index had dropped to the lowest in nearly two years in September, weighed down by the deterioration in the South.

The impacts of Hurricanes Harvey and Irma depressed pending sales activity in August and September, with continued declines in sales in the South for both months. But this trend appears to have been reversed in October, which recorded strong pending scales throughout regions and a considerable improvement in the South.

Pending home sales measure housing contract activity based on signed real estate contracts for existing single-family homes, condos, and co-ops, noted Barclays in a research report. Existing home sales are likely to see additional improvements in the months ahead.

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