Contracts to purchase existing homes climbed last month after having stumbled over the summer as a result of an especially harsh hurricane season. The National Association of Realtors' pending home sales index rose to 109.3 - up from 105.6 in September but still below levels from a year ago.
In a poll conducted by Reuters, economists had anticipated pending home sales to climb just one percentage point in October. The South experienced a 7.4 percent surge in contracts – a positive rebound after the region was ravaged by Hurricanes Irma and Harvey.
Meanwhile the NAR is reporting that home inventory levels have dropped to their lowest point since 1999. The ongoing shortage of homes for sale is leading to prices moving beyond affordable levels as buyers clamor over the limited stock.
Today, conforming no-point 30-year fixed mortgage rates are averaging 4 percent while 15-year rates near 3.25 percent.
Do you have a question for Real Estate & Mortgage Analyst Mehran Aram? Submit your queries about a home purchase, refinance, or reverse mortgage via Aramco.Biz, social media (#AramcoReport), or over the phone at (866) 381-8888 and your questions may be featured in an upcoming article.