WEAK: Pending Home Sales Climb Just 0.3%

for sale sign

Photo: Casey Serin/Flickr

The September pending home sales report is out and it’s a miss. 

Sales climbed by just 0.3%, according to the National Association of Realtors.

Economists are looking for 2.5 per cent increase.

“Home contract activity remains at an elevated level in contrast with recent years, but currently appears to be bouncing around in a narrow range,” said NAR economist Lawrence Yun. “This means only minor movement is likely in near-term existing-home sales, but with positive underlying market fundamentals they should continue on an uptrend in 2013.”


SEE ALSO: Why Neither Presidential Candidate Will Touch The Housing Crisis [CHARTS] >

NOW WATCH: Money & Markets videos

Want to read a more in-depth view on the trends influencing Australian business and the global economy? BI / Research is designed to help executives and industry leaders understand the major challenges and opportunities for industry, technology, strategy and the economy in the future. Sign up for free at research.businessinsider.com.au.