Pending home sales increased 2.2% in November 2024 to a level of 79.0 on the National Association of Realtors Pending Home Sales Index. Compared with November 2023, pending home sales were up 6.9%.
November was the fourth consecutive month of increases and the highest level since February 2023.
On a regional month-over-month breakdown, the Northeast PHSI fell 1.3%, the Midwest index increased 0.4%, the South increased 5.2% and the West increased 0.5%.
“Mortgage rates have averaged above 6% for the past 24 months,” NAR Chief Economist Lawrence Yun said in a statement. “Buyers are no longer waiting for or expecting mortgage rates to fall substantially. Furthermore, buyers are in a better position to negotiate as the market shifts away from a seller’s market.”
The full NAR report can be found here.
