November pending home sales fell 0.9 percent to 106.9 from October’s 107.9 on the National Association of Realtors Pending Home Sale Index.
Despite the slight decline, the index level for November is still 2.7 percent above the level recorded in November 2014.
The November “dip” is the continuation of the modest slowdown seen since pending sales peaked at a more-than-nine-year high in May, said Lawrence Yun, NAR chief economist, in a statement.
“Home prices rising too sharply in several markets, mixed signs of an economy losing momentum and waning supply levels have acted as headwinds in recent months despite low mortgage rates and solid job gains,” he said.
Regionally, the PHSI in the Northeast dropped 3 percent to 91.8. The Midwest reported a 1 percent increase. The South saw its pending home sales increase by 1.3 percent, while the West declined 5.5 percent.
