US pending home sales edge up in October
WASHINGTON - Slightly more Americans signed contracts to buy homes in October, in a modest rebound that suggests the real estate market has crested.
The National Association of Realtors says its seasonally adjusted pending home sales index rose 0.2 percent to 107.7 last month. The index has increased 3.9 percent over the past 12 months.
Healthy job gains and low mortgage rates boosted sales for much of the year, but rising home values and limited inventories have limited further growth in the closing months of 2015.
The number of signed contracts advanced in the Northeast and West, while dipping in the Midwest and South.
Pending sales are a barometer of future purchases. A lag of a month or two usually exists between a contract and a completed sale.
Desktop NewsClick to open Continuous News in a sidebar that updates in real-time.
Cops break up brawl involving women outside downtown club Saturday
East Baton Rouge deputies participate in viral 'lip-sync challenge'
Mischievous dog steals owner's GoPro, records himself
Why did the gator cross the road? Animal seen crossing highway
McKinley High officials to discuss LHSAA sanctions