In October, pending home sales have picked up steam, showing a 3.5 percent increase in the National Association of REALTORS® (NAR) Pending Home Sales Index (PHSI), which posted 109.3 in October, an improvement from 105.6 in September, based on contract signings.
“Pending home sales benefited from a strong post-hurricane bounce-back in the South in October,” says Danielle Hale, chief economist of realtor.com®. Al but four major US regions saw PHSI increases in October, with the Northeast up to 95 percent, the Midwest up to 105.8 percent, and the South up to 123.6 percent.
Though supply has been a on adecline, a forecast by realtor.com suggest there will be an upward trend in 2018.
Hale remarks “We expect to see slowing inventory declines into 2018 and an increase in the number of homes for sale in fall. Inventory is expected to recover first among higher-priced homes, so entry-level buyers will continue to face challenges in 2018, but the eventual lift in available homes is expected to push home sales up 2.5 percent next year.”