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The National Association of Realtors’ (NAR) Pending Home Sales Index (PHSI) dropped last month by 2.5 percent to 107.3 from the 110.0 level in October to its lowest reading of 2017. On a year-over-year basis, the PHSI is 0.4 percent the 107.7 level from November 2015.
Three of the four regional PHSI results pointed to declines: The South decreased 1.2 percent to an index of 118.7, the West fell 6.7 percent in November to 101.0 and the Midwest dipped declined 2.5 percent to 103.5. Only the Northeast saw a November uptick, rising by 0.6 percent to 97.5.
“The budget of many prospective buyers last month was dealt an abrupt hit by the quick ascension of rates immediately after the election,” said NAR Chief Economist Lawrence Yun. “Already faced with climbing home prices and minimal listings in the affordable price range, fewer home shoppers in most of the country were successfully able to sign a contract.”