November Pending Home Sales Grow 1.2%

Pending home sales in November had a 1.2% increase compared with October, according to the National Association of Realtors (NAR). Contract signings were up 7.4% compared with November 2018.

Contract signings increased during the month despite a lack of inventory, according to NAR Chief Economist Lawrence Yun. “The favorable conditions are expected throughout 2020 as well, but supply is not yet meeting the healthy demand,” Yun said in a statement.

Regionally, November pending home sales decreased 0.1% and 0.2% in the Northeast and South, respectively. In the Midwest and West, pending home sales grew 1.0% and 5.5%, respectively.

The full NAR report can be found here.