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October pending home sales fuel stock market party

SPX News by Newsroom on 11:14 November 29, 2017 EST

The National Association of Realtors (NAR) released on Wednesday morning its data on pending sales of existing homes for the month of October.

The pending home sales index rose to 3.5% from a negatively revised September reading of 105.6 to 109.3. The index is now at its highest since June although it remains 0.6% below the mark this time last year.

The consensus estimate was for a month-over-month increase of 1% in pending sales.

The rise was notable in the South, sales jumped 7.4% to an index score of 123.6, up 2% compared to last year’s index.