The National Association of Realtors (NAR) announced on Monday its seasonally adjusted pending home sales index (PHSI) fell 1.1 percent m-o-m to 128.9 in October, after a revised 2.0 percent m-o-m decrease in September (originally a 2.2 percent m-o-m decline).

Economists had expected pending home sales to advance 1.0 percent m-o-m in October.

On y-o-y basis, the index jumped 20.2 percent, following a revised 20.8 percent climb in September (originally a 20.5 percent m-o-m surge).

According to the report, all four regional indices recorded double-digit year-over-year gains in pending home sales transactions in October, but only the South saw a month-over-month increase. Pending home sales in the South edged up 0.1 percent m-o-m to an index of 151.1 in October, up 21.0 percent from October 2019. Meanwhile, the Northeast PHSI decreased 5.9 percent m-o-m to 112.3 in October, an 18.5 percent advance from a year ago. In the Midwest, the index dropped 0.7 percent m-o-m to 119.6 last month, up 19.6 percent from October 2019. The index in the West remained the same in October, at 116.8, which was up 20.8 percent from a year ago.