The National Association of Realtors (NAR) released its pending home sales figures for the U.S. on Monday. Pending home sales in the U.S. rose 0.2% in October, missing expectations for a 1.5% gain, after a 1.6% drop in September. September's figure was revised up from a 2.3% decline.
The increase was mainly lead by a rise the Northeast and West.
"Contract signings in October made the most strides in the Northeast, which hasn't seen much of the drastic price appreciation1 and supply constraints that are occurring in other parts of the country. In the most competitive metro areas - particularly those in the South and West - affordability concerns remain heightened as low inventory continues to drive up prices," the NAR's chief economist Lawrence Yun said.
"Areas that are heavily reliant on oil-related jobs are the exception and have already started to see some softness in sales because of declining energy prices," he added.