Pending home sales declined 2.2% in November to 122.4 on the Pending Home Sales Index, according to the National Association of Realtors. Compared with November 2020, pending home sales fell 2.7%.
NAR Chief Economist Lawrence Yun cited low housing supply and growing home prices as the main factors for the declines.
“While I expect neither a price reduction, nor another year of record-pace price gains, the market will see more inventory in 2022 and that will help some consumers with affordability,” Yun stated.
Regionally, pending home sales dipped 0.1% in the Northeast, 6.3% in the Midwest, 0.7% in the South and 2.2% in the West.
The full NAR report can be found here.
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