Photo: Reuters
WASHINGTON (Reuters) - Contracts to buy U.S. previously owned homes fell for a second straight month in October as an acute shortage of properties pushed up prices, though the housing market remains supported by record low mortgage rates.
Other data on Monday showed activity at factories in the Midwest and Texas slowing this month, likely as a nationwide resurgence in new COVID-19 infections curbed new orders and disrupted production.
The reports support expectations of a sharp slowdown in economic growth in the fourth quarter because of the raging coronavirus pandemic and depleted fiscal stimulus.
The National Association of Realtors said its Pending Home Sales Index, based on contracts signed last month, decreased 1.1% to 128.9.
Economists polled by Reuters had forecast pending home contracts, which become sales after a month or two, would rebound 1.0% in October.
Compared to a year ago, pending homes sales jumped 20.2% in October.
The monthly decline in contracts suggests a slowdown in sales of existing home sales after they accelerated in October to their highest level since November 2005.
The housing market is being driven by record low mortgage rates.
The COVID-19 pandemic, which has seen at least 21% of the labor force working from home, has led to a migration from city centers to suburbs and other low-density areas as Americans seek out more spacious accommodation for home offices and schools.
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