The National Association of Realtors is reporting that pending home sales were down 2.2% in November, 2021. The NAR’s Pending Home Sales Index (a forward-looking indicator based on contract signings) dropped to 122.4. The NAR cautions that the countrywide surge of the omicron variant poses a risk to the housing market’s performance, however inventory is a large part of November’s decline. Indeed…
“There was less pending home sales action this time around, which I would ascribe to low housing supply, but also to buyers being hesitant about home prices…While I expect neither a price reduction, nor another year of record-pace price gains, the market will see more inventory in 2022 and that will help some consumers with affordability.” Said Lawrence Yun, NAR’s chief economist.
Click here to read the full report at the National Association of Realtors.
