Pending home sales in November were at a level of 109.5, a 0.2 percent increase compared with October’s 109.3 on the National Association of Realtors Pending Home Sales Index.
November’s PHSI level is 0.8 percent higher than in November 2016.
“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 in a statement. “However, new buyers coming into the market are finding out quickly that their options are limited and competition is robust.”
The PHSI in the Northeast in November increased 4.1 percent month-over-month to 98.9. The PHSI in the Midwest rose 0.4 percent to 105.8. In the South, the PHSI decreased 0.4 percent to 123.1. The index in the West declined 1.8 percent to 100.4.
