{"id":6740,"date":"2024-12-30T17:42:52","date_gmt":"2024-12-30T17:42:52","guid":{"rendered":"https:\/\/realestateagentmagazine.com\/?p=6740"},"modified":"2024-12-30T17:42:52","modified_gmt":"2024-12-30T17:42:52","slug":"pending-home-sales-moved-up-2-2-in-november-fourth-straight-month-of-increases","status":"publish","type":"post","link":"https:\/\/realestateagentmagazine.com\/pending-home-sales-moved-up-2-2-in-november-fourth-straight-month-of-increases","title":{"rendered":"Pending Home Sales Moved Up 2.2% in November, Fourth Straight Month of Increases"},"content":{"rendered":"<p><strong><u><span data-olk-copy-source=\"MessageBody\">Key Highlights<\/span><\/u><\/strong><\/p>\n<ul type=\"disc\">\n<li>Pending home sales in November increased 2.2%.<\/li>\n<li>Compared to one month ago, pending sales rose in the Midwest, South and West but declined in the Northeast.<\/li>\n<li>Year-over-year, contract signings grew in all four U.S. regions, with the West showing the biggest jump.<\/li>\n<\/ul>\n<p>WASHINGTON, D.C.\u2014 Pending home sales gained 2.2% in November \u2013 the fourth consecutive month of increases and the highest level since February 2023 \u2013 according to the National Association of Realtors<sup>\u00d2<\/sup>. The Midwest, South and West experienced month-over-month gains in transactions, while the Northeast decreased. Year-over-year, contract signings increased in all four U.S. regions, with the West leading the pack.<\/p>\n<p><a name=\"x__Hlk185484957\"><\/a><a name=\"x__Hlk41484024\"><\/a>The\u00a0<strong>Pending Home Sales Index (PHSI)<\/strong><sup>*<\/sup>\u00a0<a name=\"x__Hlk41483624\"><\/a>\u2013 a forward-looking indicator of home sales based on contract signings \u2013 advanced 2.2% to 79.0 in November. Year-over-year, pending transactions improved 6.9%. An index of 100 is equal to the level of contract activity in 2001.<a name=\"x__Hlk72857016\"><\/a><a name=\"x__Hlk83719194\"><\/a><\/p>\n<p>\u201cConsumers appeared to have recalibrated expectations regarding mortgage rates and are taking advantage of more available inventory,\u201d said NAR Chief Economist Lawrence Yun. \u201cMortgage 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\u2019s market.\u201d<\/p>\n<p><a name=\"x__Hlk93934731\"><\/a><strong>Pending Home Sales Regional Breakdown<\/strong><a name=\"x__Hlk44072062\"><\/a><\/p>\n<p>The Northeast PHSI fell 1.3% from last month to 67.8, up 5.6% from November 2023. The Midwest index increased 0.4% to 78.1 in November, up 1.6% from the previous year.<\/p>\n<p><a name=\"x__Hlk80972765\"><\/a>The South PHSI improved 5.2% to 94.5 in November, up 8.5% from a year ago. The West index rose by 0.5% from the prior month to 64.3, up 11.8% from November 2023.<\/p>\n<p>\u201cIt appears that some markets will outperform, driven primarily by local job gains and the flow of new inventory supply,\u201d explained Yun.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Key Highlights Pending home sales in November increased 2.2%. Compared to one month ago, pending sales rose in the Midwest, South and West but declined in the Northeast. Year-over-year, contract signings grew in all four U.S. regions, with the West showing the biggest jump. WASHINGTON, D.C.\u2014 Pending home sales gained 2.2% in November \u2013 the [&hellip;]<\/p>\n","protected":false},"author":14,"featured_media":6741,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[20],"tags":[],"class_list":["post-6740","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-real-estate-news"],"amp_enabled":true,"_links":{"self":[{"href":"https:\/\/realestateagentmagazine.com\/wp-json\/wp\/v2\/posts\/6740","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/realestateagentmagazine.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/realestateagentmagazine.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/realestateagentmagazine.com\/wp-json\/wp\/v2\/users\/14"}],"replies":[{"embeddable":true,"href":"https:\/\/realestateagentmagazine.com\/wp-json\/wp\/v2\/comments?post=6740"}],"version-history":[{"count":1,"href":"https:\/\/realestateagentmagazine.com\/wp-json\/wp\/v2\/posts\/6740\/revisions"}],"predecessor-version":[{"id":6742,"href":"https:\/\/realestateagentmagazine.com\/wp-json\/wp\/v2\/posts\/6740\/revisions\/6742"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/realestateagentmagazine.com\/wp-json\/wp\/v2\/media\/6741"}],"wp:attachment":[{"href":"https:\/\/realestateagentmagazine.com\/wp-json\/wp\/v2\/media?parent=6740"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/realestateagentmagazine.com\/wp-json\/wp\/v2\/categories?post=6740"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/realestateagentmagazine.com\/wp-json\/wp\/v2\/tags?post=6740"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}