Pending home sales increased 0.2% to an index reading of 107.7 in October, after a revised 1.6% decrease to 107.5 in September, according to a report released Monday by the National Association of Realtors.
The September decrease was first reported as 2.3% to 106.8.
An index of 100 is equal to the average level of contract activity during 2001.
Year-over-year the pending homes sales index increased 3.9% from last October, when the index was 103.7.
Regionally, pending sales were mixed. The Northeast saw a 4.5% gain to 93.6, while sales grew 1.7% in the West to 106.2. In the South, sales slid 1.7% to 118.1, and sales were down 1.0% to 103.9 in the Midwest.
"Contract signings in October made the most strides in the Northeast, which hasn't seen much of the drastic price appreciation and supply constraints that are occurring in other parts of the country," NAR Chief Economist Lawrence Yun said. "In the most competitive metro areas – particularly those in the South and West – affordability concerns remain heightened as low inventory continues to drive up prices."
