People wait to visit a house for sale in Floral Park, Nassau County, New York.
Wang Ying | Xinhua News Agency | Getty Images
Strong, pandemic-induced demand for housing is still there, but buyers may now be hitting an affordability wall.
Pending home sales fell 1.1% month to month in October but were 20.2% higher compared with October 2019. This reading is a measure of signed contracts on existing homes, so it is a future indicator of closed sales.
It is also, therefore, a more recent read on buyer activity because it represents people out shopping during the month and making purchase decisions. Analysts expected a small monthly gain.
“The housing market is still hot, but we may be starting…