Home signings rose for the third straight month in October as homebuyers took advantage of rising inventory and fended off higher mortgage rates.

The Pending Home Sales Index, which measures signed real estate contracts for existing single-family homes, condos and co-ops, rose 2% to 77.4 from the previous month. An index of 100 represents the level of contract activity in 2001.

Activity increased in all parts of the country, led by the Northeast, which recorded a month-on-month increase of 4.7%. Signings in the Midwest rose 4%, while increases were smaller in the South and West.

“After nearly two years of suppressed home sales, home buying momentum is picking up,” Lawrence Yun, chief economist at the National Association of Realtors, said in a statement. “Even with mortgage rates rising slightly…continued job gains and increased housing inventory are bringing more consumers into the market.”

Compared to last year, contract activity increased 5.4% nationwide.

There are further signs that the real estate market is approaching the end of the year. Mortgage applications to purchase a home were up 12% through Friday compared to the week before, according to the Mortgage Bankers Association.

The increase in contract activity for existing homes contrasts with new home sales, which fell last month, according to data released Tuesday.

Part of this decline in sales is likely due to Hurricane Helene, which caused devastating flooding along Florida’s west coast as well as western North Carolina, eastern Tennessee and southwest Virginia in late September, as well as Hurricane Milton, which struck west central Florida less than twice Land hit weeks later.

Claire Boston is a senior reporter for Yahoo Finance covering housing, mortgages and home insurance.

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