Pending Home Sales Off 1.7% in October

Washington, DC, December 4, 2006– The pending home sales index fell 1.7% in October after a 1.1% drop in September, according to the National Association of Realtors.

The index is down 13.2% in the past year, but the decline from year-ago levels has narrowed since August.

NAR Chief Economist David Lereah, said a fairly steady pace of home sales can be expected for the next two months. “It’s important to focus on where the housing market is now — it appears to be stabilizing and comparisons with an unsustainable boom mask the fact that home sales remain historically high,” he said.