U.S. pending home sales rose sharply in October, beating forecasts and reversing a September decline as prospective homebuyers sought to lock in sales before an anticipated rise in mortgage rates and fast-rising rents, according to the National Association of Realtors (NAR).
The association’s Pending Home Sales Index (PHSI), which is based on contract signings and serves as a forward-looking indicator of future home sales, vaulted to a reading of 125.2 in October, a 7.5 percent increase compared to September, when the index fell 2.3 percent from the prior month.
