US: Pending home sales rise 0.5% in September following August's 1.9% decline

"The Pending Home Sales Index increased 0.5 percent to 104.6 in September from 104.1 in August," the National Association of Realtors reported on Thursday.

Key takeaways from the press release

• Year-over-year, contract signings dropped 1.0 percent make this the ninth straight month of annual decreases.
• Lawrence Yun, NAR chief economist: Even though we are still seeing year-over-year declines, the latest monthly increase is a good, stabilizing trend. 
  • This shows that buyers are out there on the sidelines, waiting to jump in once more inventory becomes available and the price is right.
  • The general condition of the economy is excellent, it simply has not lifted home sales this year.
  • Home prices are still rising, so people who are purchasing are still seeing wealth gains.