The National Association of Realtors is reporting that overall pending home sales declined 0.7% in November. The NAR’s Pending Home Sales Index (a forward-looking indicator based on contract signings) declined to 101.4 in November. However, year-over-year contract signings dropped 7.7%, making this the eleventh straight month of annual decreases.
“The latest decline in contract signings implies more short-term pullback in the housing sector and does not yet capture the impact of recent favorable conditions of mortgage rates,” Said Lawrence Yun, the NAR’s chief economist.
Click here to read the full report at the National Association of Realtors.
