Pending home sales dropped for the sixth consecutive month in November, falling 4.0% from October to a level of 73.9 on the National Association of Realtors Pending Home Sales Index.
Pending home sales dropped for the sixth consecutive month in November, falling 4.0% from October to a level of 73.9 on the National Association of Realtors Pending Home Sales Index.
It is the second lowest monthly reading in 20 years, as year-over-year sales plummeted 37.8%.
“There are approximately two months of lag time between mortgage rates and home sales,” NAR Chief Economist Lawrence Yun stated. “With mortgage rates falling throughout December, home-buying activity should inevitably rebound in the coming months and help economic growth.”
Pending home sales fell in all regions year-over-year, declining 34.9% in the Northeast, 31.6% in the Midwest, 38.5% in the South and 45.7% in the West.
The full NAR report can be found here.