Mumbai, Nov. 26 -- The National Association of Realtors released a report on Tuesday showing an unexpected jump by pending home sales in the U.S. in the month of October.
October said its pending home sales index shot up by 1.9 percent to 76.3 in October after inching up by 0.1 percent to an upwardly revised 74.9 in September.
A pending home sale is one in which a contract was signed but not yet closed. Normally, it takes four to six weeks to close a contracted sale.
With the unexpected increase, the pending home sales index reached its highest level since hitting 77.2 in November 2024.
The surge by pending home sales partly reflected strength in the Midwest, where pending home sales spiked by 5.3 percent.
Pending home sales in the Nor...