Pending Home Sales Unexpectedly Rose 3.7% In October

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Pending home sales increased for the ninth consecutive month in October, according to a report released by the National Association of Realtors on Tuesday, with pending home sales rising to their highest level in well over three years.

NAR said its pending home sales index rose 3.7 percent to 114.1 in October from 110.0 in September, rising to its highest level since March of 2006. The continued increase came as a surprise to economists, who had expected pending home sales to edge down by 1.0 percent.

Pending home sales increased for the ninth consecutive month in October, according to a report released by the National Association of Realtors on Tuesday, with pending home sales rising to their highest level in well over three years. (Market News Provided by RTTNews)