Pending home sales were up by 3.3% in November from the prior month and up by 2.6% from one year earlier, according to the National Association of Realtors (NAR).
On a regional measurement, pending home sales were up month-over-month and year-over-year in the Northeast, Midwest, South, and West.
The Realtors Confidence Index survey showed 22% of NAR members are expecting an increase in buyer traffic over the next three months, up from 17% in October and down from 24% one year ago. Meanwhile, 18% are expecting an increase in seller traffic, up from 16% last month and down from 22% in November 2024.
NAR Chief Economist Lawrence Yun observed, “Homebuyer momentum is building. The data shows the strongest performance of the year after accounting for seasonal factors, and the best performance in nearly three years, dating back to February 2023. Improving housing affordability–driven by lower mortgage rates and wage growth rising faster than home prices–is helping buyers test the market. More inventory choices compared to last year are also attracting more buyers to the market.”
