Americans signed more contracts in October to purchase previously owned homes, another sign the recovery in the housing market is being sustained.

The index of pending home resales climbed 5.2 percent, exceeding the highest estimate in a survey of economists, to 104.8, after a revised 0.4 percent gain in September.

The median forecast in the Bloomberg survey called for a 1 percent gain.

The lowest mortgage rates on record, stable prices and waning foreclosures are helping underpin sales three years after the last recession ended.