Pending home sales dropped 0.7 percent in November compared with October and were 7.7 percent below November 2017 sales, according to the National Association of Realtors.
It marks the eleventh consecutive month of year-over-year decline in contract signings. Despite the decline, NAR Chief Economist Lawrence Yun said the latest sales numbers do not take into account other housing data, and he predicts solid potential sales growth for the long-term.
“The latest decline in contract signings implies more short-term pullback in the housing sector and does not yet capture the impact of recent favorable conditions of mortgage rates,” Yun stated.
Year-over-year, pending sales fell 3.5 percent in the Northeast, 7.0 percent in the Midwest, 7.4 percent in the South and 12.2 percent in the West.
