Pending Home Sales Dip in October

Washington, DC, Nov. 26, 2014 -- Pending home sales fell 1.1% in October, the National Association of Realtors reported Wednesday.

"Demand is holding steady but would be more robust if it weren't for lagging wage growth and tight credit conditions that continue to hamper those individuals looking for relief from rising rents," said Lawrence Yun, NAR's chief economist, in a press release.

Compared to October of 2013, contracts were up 2.2%. The level of contracts signed in September was revised slightly higher.