US Pending Home Sales Hold Steady in November, Indicating Stable Market Growth; Experts Optimistic for 2024

28 December 2023 - 254 views

Pending home sales in the US remained unchanged in November, according to data released by the National Association of Realtors (NAR). The index measuring contracts to buy existing homes was at 71.6, level with the previous month’s reading. Economists had expected a 1% increase. However, chief economist Lawrence Yun remains optimistic, stating that falling mortgage rates will lead to an improvement in home sales in 2024.

[Inflationary Scenario]
[Significance: Medium]

1. Pending U.S. home sales remained unchanged in November, indicating slow recovery for prospective buyers despite lower interest rates.
2. The National Association of Realtors reported an index of 71.6 for contracts to buy existing homes, the same as October’s revised reading.
3. On a yearly basis, pending home sales have decreased by 5.2%.
4. Lower mortgage rates have generated interest in home purchases, but actual contracts have not increased significantly.
5. While the West and Northeast regions saw a slight increase in signed contracts, the South experienced a decline of 2.3%.