Pending home sales were up for the fourth consecutive month in November with a 2.2% uptick, reaching the highest level since February 2023.
The National Association of Realtors’ (NAR) Pending Home Sales Index reached 79.0 last month; an index of 100 is equal to the level of contract activity in 2001. On a year-over-year basis, pending transactions improved 6.9%. Regionally, month-over-month transactions were up in the Midwest, South and West while the Northeast decreased. Year-over-year, contract signings increased in all four regions.
“Consumers appeared to have recalibrated expectations regarding mortgage rates and are taking advantage of more available inventory,” said NAR Chief Economist Lawrence Yun. “Mortgage rates have averaged above 6% for the past 24 months. Buyers are no longer waiting for or expecting mortgage rates to fall substantially. Furthermore, buyers are in a better position to negotiate as the market shifts away from a seller’s market. It appears that some markets will outperform, driven primarily by local job gains and the flow of new inventory supply.”
;
