Pending Home Sales Tumble to 4-Year Low in Latest Sign the Housing-Market Correction Has Arrived

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The numbers: U.S. pending home sales slid 2.6% to a reading of 102.1 in October from 104.8 in September, the National Association of Realtors said Thursday. That was the lowest since June 2014.

What happened: NAR’s index, which tracks real estate contract signings, was down 6.7% compared to a year ago. The report missed the Econoday consensus for an unchanged reading.

Contract signings usually precede closings by about 45 days, so the pending home sales release is considered a leading indicator for the existing-home sales report.