Pending Sales of US Existing Homes Rise by More Than Forecast

Pending sales of previously owned US homes rose in October by more than forecast as buyers took advantage of a decline in mortgage rates.

An index of contract signings increased 1.9% to 76.3, the highest in nearly a year, according to data issued Tuesday by the National Association of Realtors. The median projection in a Bloomberg survey was for a 0.2% gain.

A decline in mortgage rates to a one-year low during the month, along with a pickup in inventory this year, helped encourage potential buyers to step off the sidelines. At the same time, the path forward for the ...