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.