Pending home sales declined 2.6% in November, the third consecutive month of declines, the National Association of Realtors reports.
Compared with November 2019, pending home sales surged 16.4%, with double-digit growth in every region.
NAR cited a shortage of inventory and fast-rising home prices as causes for the month-over-month decline in pending home sales.
Regionally, month-over-month pending home sales fell 3.3% in the Northeast, 3.1% in the Midwest, 1.1% in the South and 4.7% in the West.
The full NAR report can be found here.
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