The National Association of Realtors is reporting that pending home sales were down 4% in November, 2022 – the sixth consecutive month of declines. The NAR’s Pending Home Sales Index (a forward-looking indicator based on contract signings) dipped to 73.9.
“Pending home sales recorded the second-lowest monthly reading in 20 years as interest rates, which climbed at one of the fastest paces on record this year, drastically cut into the number of contract signings to buy a home… [in addition]…Falling home sales and construction have hurt broader economic activity.” Said the NAR’s Chief Economist, Lawrence Yun.
Click here to read the full report at the National Association of Realtors.
