Market Updates
Pending Home Sales Drop 4% In November
Brian Turner
28 Dec, 2022
New York City
Pending home sales declined for the sixth month in a row in November, the National Association of Realtors said Wednesday.
The number of transactions declined in all four regions on a monthly basis and from a year ago.
Pending home sales index dropped 4.0% to 73.9 in November and plunged 37.8% from a year ago. The index of 100 is equal to contract level activities in 2001.
"Pending home sales recorded the second-lowest monthly reading in 20 years as interest rates, which climbed at one of the fastest paces on record this year, drastically cut into the number of contract signings to buy a home," said NAR Chief Economist Lawrence Yun.
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