US pending home sales snap two-month losing streak in October

US pending home sales rose for the first time in two months in October, data released on Monday showed.

The index from the National Association of Realtors (NAR) rose 0.2% month-on-month in October from an upwardly revised 1.6% decline in September, although they fell short of analysts’ expectations for a 1% increase.

"Unless sizeable supply gains occur for new and existing homes, prices and rents will continue to exceed wages into next year and hamstring a large pool of potential buyers trying to buy a home," said NAR's chief economist Lawrence Yun.

On a year-on-year basis, pending home sales rose 2.1% compared with an upwardly revised 3.2% gain in September and analysts’ expectations for a 4.5% advance.