Pending homes sales drop in October
04.12.2006 15:55
WASHINGTON (Reuters) -- Pending sales of existing U.S. homes fell 1.7 percent in October but held above the low hit in July, suggesting the housing market is stabilizing, a real estate trade association said on Monday.
The National Association of Realtors said its Pending Home Sales Index, based on contracts signed in October, fell to 107.2 from 109.1 in September.
It was a steeper drop than analysts had expected. The median forecast of a Reuters poll of economists was for an October index level of 108.6.
Although the figure is for existing home sales, the news influences homebuilders such as (), (), (), and ().
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