The annual rate at which contracts for a home purchase were drawn increased 6.9 percent from one year ago.

According the National Association of REALTORS® (NAR), the Pending Home Sales Index rose 5.2 percent in October, crossing the benchmark 100 reading, and moving to 104.8.

In September, for the fifth straight month, the Pending Home Sales Index hovered near its benchmark value of 100, registering 99.5.

According to the real estate trade association, the Pending Home Sales Index read 99.2 for August -- the fourth straight month in which the index hovered near its benchmark value of 100.

In July, the third time this year, the Pending Home Sales Index crossed its benchmark value of 100, moving to 101.7.

The Pending Home Sales Index is on a 14-month winning streak.

After forging past its benchmark value of 100 in March, April's Pending Home Sales Index dropped back to 95.5.

The housing market continues to show signs of improvement, propelled by low home prices and the cheapest mortgage rates of all-time.