The numbers: A measure of pending home sales fell in October for the second month in a row, signaling the surprisingly strong surge in demand during the pandemic might be ebbing.
The index of pending home sales dropped 1.1% in October after a 2.2% decline in September, the National Association of Realtors said Monday.
While pending sales are still up 20% compared to a year earlier, rising home prices could be cutting into demand. Cooler weather and a record increase in U.S. coronavirus cases might also be hurting sales.
The index measures real-estate transactions in which a contract is signed, but the sale had not yet closed.
What happened: The South was the only major region to post an increase in pending sales, though just barely.
Pending sales posted the biggest decline in the Northeast.
The big picture: Record low mortgage rates and an increase in families leaving cities