Pending home sales were flat in November compared with October but were down 5.2% compared with November 2022, according to the National Association of Realtors (NAR).
Month over month, contract signings increased in the Northeast, Midwest and West but decreased in the South.
Year over year, all four regions registered declines in transactions.
“Although declining mortgage rates did not induce more homebuyers to submit formal contracts in November, it has sparked a surge in interest, as evidenced by a higher number of lockbox openings,” says Lawrence Yun, chief economist for NAR, in a statement.
“With mortgage rates falling further in December – leading to savings of around $300 per month from the recent cyclical peak in rates – home sales will improve in 2024,” Yun adds.
Photo: Gabrielle Henderson