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Home News Pending home sales show fourth consecutive increase

Pending home sales show fourth consecutive increase

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Pending home sales show fourth consecutive increase

Washington — Home sales continued to be a harbinger of consumers’ home furnishings buying plans and activity, and the National Assn. of Realtors has reported that pending home sales increased in November for the fourth consecutive month.

Reaching the highest level since February 2023, pending home sales gained 2.3% in November, led by month-over-month gains in the Midwest, South and West. Year-over-year, contracting signings increased across the entire country, with the West showing the most gains.

  • The Northeast PHSI fell 1.3% from October to 67.8, up 5.6% from November 2023.
  • The Midwest index increased 0.4% to 78.1 in November, up 1.6% from the previous year.
  • The South PHSI improved 5.2% to 94.5 in November, up 8.5% from a year ago.
  • The West index rose by 0.5% from the prior month to 64.3, up 11.8% from November 2023.

The Pending Home Sales Index – a forward-looking indicator of home sales based on contract signings – advanced 2.2% to an index of 79 in November. Year-over-year, pending transactions improved 6.9%.

“Consumers appeared to have recalibrated expectations regarding mortgage rates and are taking advantage of more available inventory,” said NAR Chief Economist Lawrence Yun. “Mortgage rates have averaged above 6% for the past 24 months.”

The Pending Home Sales Index is a leading indicator for the housing sector, based on pending sales of existing homes. A sale is listed as pending when the contract has been signed but the transaction has not closed, although the sale usually is finalized within one or two months of signing. An index of 100 is equal to the level of contract activity in 2001.

See also: Home sales headwinds are past, says analyst