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US Pending Home Sales Recorded No Change in November
Pending home sales in November were identical to those in October, according to the National Association of REALTORS®. The Northeast, Midwest and West posted monthly gains in transactions while the South recorded a loss. All four U.S. regions registered year-over-year declines in transactions. The Pending Home Sales Index (PHSI)* – a forward-looking indicator of home sales based on contract signings – stayed at 71.6 in November. Year over year, pending transactions were down 5.2%. An index of 100 is equal to the level of contract activity in 2001. "Although declining mortgage rates did not induce more ... (full story)