A National Association of Realtors index that gauges pending sales of resale homes dropped 1 percent in October compared to the same month last year.

Regionally, the Pending Home Sales Index — which is based on contracts signed for transactions that have not yet closed — rose 17.4 percent in the West while falling 14.1 percent in the Northeast, 6.8 percent in the Midwest, and 2.9 percent in the South year-over-year in October, NAR reported.

The national index stood at 88.9 in October — an index score of 100 is equal to the average level of contract activity during 2001, which was the first year examined for the index. The PHSI hit a low of 83 in March and an annual high of 93.5 in August.

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