Dive Brief:

• The National Association of Realtors' index of pending home sales was down last month to 102.1, just over a half-percent below the September level.
• Some of the increase, the group said, might be attributable to delays reported to its members because pending mortgage applications were stalled by the Internal Revenue Service's being on furlough and unable to verify income information.
• The index, which is drawn from a sample of about 20% of transactions in the U.S., uses the year 2001 as the baseline for its 100 level.

Dive Insight:

This index is a forward-looking indicator that uses contract signings as its database. The realtors' chief economist, Lawrence Yun, said the November number might be a bit better because the government shutdown ended Oct. 16. He warned, however, that the country "still face[s] the head winds of limited inventory and falling affordability conditions."