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US pending home sales drop in October
[WASHINGTON] Contracts to buy previously owned US homes fell in October, the National Association of Realtors said on Thursday.
The NAR's pending home sales index decreased to a reading of 102.1, down 2.6 per cent from the prior month. September's index was revised to 104.8 from 104.6.
Economists polled by Reuters had forecast pending home sales rising 0.5 per cent last month.
Pending home contracts are seen as a forward-looking indicator of the health of the housing market because they become sales one to two months later.
Home resales rose 1.4 per cent in October from the prior month but were down 5.1 per cent from a year earlier, the sharpest 12-month drop since July 2014. Compared to one year ago, pending sales were down 6.7 percent.