Pending Home Sales Up 1.2% in November

The National Association of Realtors is reporting that pending home sales were up 1.2% in November.  The NAR’s Pending Home Sales Index (a forward-looking indicator based on contract signings) increased to 108.5 in November, up 1.2% from October. In addition, they reported that year-over-year contract signings were up 7.4%.  However, the low inventory situation still lurks…

“Despite the insufficient level of inventory, pending home contracts still increased in November,” said Lawrence Yun, NAR’s chief economist, noting that housing inventory has been in decline for six straight months dating back to June 2019. “The favorable conditions are expected throughout 2020 as well, but supply is not yet meeting the healthy demand.”

Click here to read the full release at the National Association of Realtors.