Pending home sales rise 1.9% in October

Core Insights - Pending home sales in October increased by 1.9% from September, surpassing expectations of no change, but were down 4% compared to October of the previous year [1] - The increase in sales is attributed to falling mortgage rates during October, although rates rose again in November [2] - There has been a notable increase in the number of sellers delisting their properties, with nearly 85,000 homes taken off the market in September, marking a 28% increase from the previous year and the highest level for that month in eight years [4] Market Trends - Monthly sales increased across all regions except the West, which experienced a slight decline; the West is noted as the most expensive region in the country [3] - Despite more listings being available compared to the previous year, the overall supply has not changed significantly month-to-month and is currently weakening [2] - The housing market is entering a slow season, with consumer sentiment likely influencing the decision of sellers to delist their properties [4]