WASHINGTON (10/28/14)--Pending-home sales inched up in September after a modest step back in August, according to numbers released by the National Association of Realtors Monday.
Seasonally adjusted, home sales rose by 0.3% to 105 million annualized units, only partially offsetting August's 1.1% decline (Economy.com Oct. 27).
While analysts had been expecting a sizeable 2% jump, sales have improved from levels at this time last year.
The pending home sales index came in "somewhat less than expected, but remains on its upward trajectory begun in early 2014," said Brent Campbell, Moody's analyst (Economy.com).
"Other housing indicators (such as new-home sales) are pointing to a modest recovery in homebuyer demand" as well, Campbell said.
The increase in pending sales, described by Moody's as a leading indicator of the housing market, was not uniform throughout the United States, however.
Sales increased in the Northeast and South at 1.2% and 1.4% respectively, but in the West and Midwest, sales dropped by 0.8% and 1.2%.
Year-over-year, the West region saw the greatest climb in pending-home sales, up 3.6% in September. The Northeast and South also posted year-over-year increases, while the Midwest was the only region to record a drop, at 4%.