In a grim sign for the housing market, pending home sales plummeted in October to their lowest level since tracking began in 2001, surpassing the depths of the financial crisis decades ago.
The National Association of Realtors (NAR) reported that pending home sales, a key metric gauging signed contracts on existing homes, nosedived by 1.5% in October compared to September. This decline marks the lowest point in the metric’s history, indicating a more severe situation than during the financial crisis.
Year-over-year, sales were down by 8.5%, reported CNBC.
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