According to the National Association of Realtors, pending home sales in November remained unchanged compared to October and showed a 5.2% decrease compared to November of the previous year.
This metric, based on signed contracts during the month, serves as both a forward-looking indicator of closed sales and a current reflection of potential homebuyer sentiment.
Mortgage rates play a crucial role in this report, as the average rate on the 30-year fixed mortgage spiked over 8% in mid-October, only to sharply drop to 7.5% in the first week of November, as reported by CNBC.
By the end of the month, it had settled around 7.25%. Despite analysts’ expectations that this decline would lead to a modest increase in pending sales, it appears insufficient in light of elevated home prices and limited supply.
Written by B.C. Begley
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B.C. Begley 