Pending home sales in the U.S. decreased for the fifth consecutive month in October, according to a report released by the National Association of Realtors. NAR said its pending home sales index tumbled by 4.6 percent to 77.1 in October after plunging by 8.7 percent to a revised reading of 80.8 in September. Compared to the same month a year ago, NAR said pending home sales in October were down by 37.0 percent. 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. Powered by Commodity Insights
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