Pending Home Sales Soar 10.4% to 89.3

Pending home sales surged 10.4% to a level of 89.3 in October from 80.9 in September, according to an index released Thursday by the National Association of Realtors.

Economists predicted an 80.1 reading for the gauge of contract signings to purchase new homes.

Lawrence Yun, the NAR’s chief economist, indicated that buyers are responding to low prices and mortgage rates. “Activity needs to improve further to reach healthy, sustainable levels,” Yun said.

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