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]

Group 1 - Pending home sales in August rose 4% from July and were 3.8% higher year-over-year, indicating strong market performance [1] - Mortgage rates in August were slightly lower than in July, contributing to the increase in signed contracts for home sales [2] - A survey of realtors indicated that 19% expect an increase in buyer traffic over the next three months, up from 16% the previous month [3] Group 2 - Inventory in August fell for the first time since the beginning of the year, suggesting a tightening market [4] - Sales increased in three out of four regions, with the Midwest showing the strongest performance due to lower home prices [4]

Core Insights - Home contract signings increased by 4% in August, surpassing economists' expectations of a 0.4% gain, indicating a potential recovery in the housing market due to lower mortgage rates [1][5] - The Pending Home Sales Index reached 74.7, with a year-over-year increase of 3.8%, suggesting a gradual improvement in buyer activity [1][3] - The Midwest region experienced the highest growth in contract signings, with an 8.7% increase since July and a 6.7% rise over the past year, attributed to its relative affordability [6] Mortgage Rates - The average 30-year fixed mortgage rate has decreased from approximately 6.7% to around 6.3%, which is believed to be facilitating more homebuyers entering the market [5][6] - Lower mortgage rates are seen as a key factor enabling more homebuyers to sign contracts, according to the National Association of Realtors Chief Economist [5] Market Conditions - The housing market is currently in its third consecutive year of decline, with home sales projected to reach a 30-year low, although there is optimism that falling mortgage rates may stimulate activity in the fall [3][5] - Contract signings showed varied performance across regions, with increases in the Midwest, South, and Western US, while the Northeast saw a decline [1][3]