Pending home sales were down last month, according to new data
from the National Association of Realtors (NAR).
The Pending Home Sales Index (PHSI)
dropped to 101.4 last month, down from 102.1 in October. The PHSI was also down by 7.7 percent from one year earlier, marking the 11th consecutive month of annual decreases.
On a regional breakdown, the PHSI in the Northeast rose 2.7 percent to 95.1 in November, while the index in the West took a 2.8 percent upswing to 87.2. But the Midwest index fell 2.3 percent to 98.1 and the index for the South fell 2.7 percent to an index of 115.7.
“The latest decline in contract signings implies more short-term pullback in the housing sector and does not yet capture the impact of recent favorable conditions of mortgage rates,” said
Lawrence Yun, NAR Chief Economist.