A forward-looking indicator of US home sales edged slightly higher in October, indicating steady recovery in the country’s housing market.
The National Association of Realtors said pending home sales, based on signed contracts to buy previously-owned single-family homes, rose 0.1 per cent from September, in line with economists’ estimates. The rate of growth had slowed from September, when sales rose 1.5 per cent to post their biggest gain in five months.
“Most of the country last month saw at least a small increase in contract signings and more notably, activity in all four major regions is up from a year ago,” said NAR chief economist Lawrence Yun.
The figure comes hot on the heels of Tuesday’s report of September’s S&P CoreLogic Case-Shiller national price index, another closely-watched gauge, which surpassed a previous high notched in July 2006.