Pending sales of US existing homes rose 3.3% in November to the highest level since February 2023, driven by modestly lower mortgage rates and improved affordability, reports Michael Sasso of Bloomberg. The increase marked the fourth consecutive monthly gain, with all regions showing growth, led by the West and South. Economists view the data as a positive sign for the housing market into 2026, though projections for next year’s home sales vary widely. Sasso writes:
Pending sales of US existing homes climbed by more than expected in November as a modest improvement in prices and mortgage rates encouraged buyers.
An index of contract signings rose 3.3% to 79.2 last month, the highest level since February 2023, according to figures released Monday by the National Association of Realtors. The gain was broad-based across regions and exceeded all but one estimate in a Bloomberg survey of economists.
“Homebuyer momentum is building,” NAR Chief Economist Lawrence Yun said in a statement, citing improving affordability and more inventory choices compared to last year. […]
The trade association’s report on Monday showed contract signings rose in each US region last month to their highest levels of the year. […]
Pending-home sales tend to be a leading indicator for previously owned homes, as houses typically go under contract a month or two before they’re sold.
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