Liz Kiesche,
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- Pending home sales stagnated in November, with the index remaining at 71.6, compared to expected growth of 0.8% and -1.2% in October (revised from -1.5%).
- Year over year, pending transactions fell 5.2%.
- “Although declining mortgage rates did not induce more homebuyers to file formal applications contracts in November, has led to an increase in interest, as evidenced by a higher number of safe openings,” said Lawrence Yun, chief economist for the National Association of Realtors.
- Pending home sales increased month over month in the Northeast, Midwest and West, but declined in the South. On a year-on-year basis, pending transactions in all four regions decreased.
- NAR's Yun expects sales to increase next year. “With mortgage rates falling further in December, resulting in savings of around $300 per month from the recent cyclical peak in rates, home sales will improve in 2024,” he said.
