Pending home sales data for October was released this morning and showed a nice 10.4% m/m jump on a seasonally adjusted basis. Not-seasonally adjusted, the data still showed a healthy 8.3% increase. Pending home sales is one of the more forward-looking housing indicators because its data precedes settlement which happens 1-2 months later. Existing home sales only measures transactions that have been settled.
The index is still below 100, which is the base level of activity that was present in 2001, when the index was first created. Below is the regional data comprising the index. Only the West and South are above 2001 levels, and even then only marginally so.
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