Pending home sales were up by slight margins in November, according to the National Association of Realtors (NAR).
The Pending Home Sales Index (PHSI)
saw a scant 0.2 percent uptick to 109.5 in November from 109.3 in October; on a year-over-year measurement, the PHSI bumped up by 0.8 percent. Nonetheless, the index hit its highest reading since reaching the 110.0 in June.
On a regional basis, the PHSI in the Northeast jumped 4.1 percent to 98.9 in November, while the Midwest index took a more modest 0.4 percent climb to 105.8. But pending home sales in the South decreased 0.4 percent to an index of 123.1 while the index in the West dropped by 1.8 percent in November to 100.4.
“The housing market is closing the year on a stronger note than earlier this summer, backed by solid job creation and an economy that has kicked into a higher gear,” said NAR Chief Economist Lawrence Yun. “However, new buyers coming into the market are finding out quickly that their options are limited and competition is robust. Realtors say many would-be buyers from earlier this year, stifled by tight supply and higher prices, are still trying to buy a home.”