home-saleA gauge of pending home sales rose 0.2% in October, following two months of declines. Buyers are struggling with lean inventory that’s driving prices higher, said the National Association of Realtors. Its index of contract signings edged up to 107.7 and stood 3.9% higher compared to a year ago. The index has notched yearly gains for 14 straight months. NAR’s chief economist, Lawrence Yun, said supply isn’t keeping up with strong demand. “Unless sizeable supply gains occur for new and existing homes, prices and rents will continue to exceed wages into next year and hamstring a large pool of potential buyers trying to buy a home,” he said. The pending home sales index tracks real estate transactions in which a contract has been signed but the transaction has not yet closed.

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