Dive Brief:

• Pending home sales rose a slight 0.2% to a rate of 107.7 in October, up from an upwardly revised rate of 107.5 in September, the National Association of Realtors reported Monday.

• The pending home sale rate is now 3.9% higher than October 2014, marking the 14th consecutive month of year-over-year gains.

• The NAR's Pending Home Sales Index rose the most in the Northeast, at a 4.5% increase. Pending sales in the West increased 1.7%; the Midwest fell 1.0%; and the South declined 1.7%.

Dive Insight:

NAR Chief Economist Lawrence Yun blamed the lack of available inventory and rising home prices as factors holding back stronger growth in sales. "In the most competitive metro areas — particularly those in the South and West — affordability concerns remain heightened as low inventory continues to drive up prices," Yun said in a release.

However, he added that improving job markets and a strengthening U.S. economy will result in stronger demand from prospective buyers in the coming months and in 2016. 

Still, the October pending home sale results came in lower than expected, as economists surveyed by The Wall Street Journal had forecast a 1.5% rise. 

Housing market reports this month have been mostly disappointing. Homebuilder confidence unexpectedly fell three points in November to a score of 62, housing starts slipped 11% to a seasonally adjusted annual pace of 1.06 million units — the lowest rate since March— and existing-home sales dropped 3.4% in October. On the bright side, new home sales in October far surpassed expectations, jumping 10.7% between September and October to an annual rate of 495,000.