When a home seller accepts a contract on an MLS-listed property, the property’s status changes from “Active” to “Pending”. This means the home is scheduled to sell, but not yet sold. Each month, the National Association of Realtors® tallies the number of pending homes and publishes the data as the Pending Homes Sales Index report. [...]

The supply of newly-built homes fell to its lowest levels since 2006, offering additional proof of a housing market in recovery. Home supply is defined as the amount of time it would take to sell the current inventory of homes at the current pace of sales. In October, for the 8th consecutive month, home supplies [...]