US pending home sales remain steady in November

By Ovunc Kutlu

ISTANBUL (AA) - US pending home sales remained unchanged in November, compared to the previous month, according to data released on Thursday by the National Association of Realtors (NAR).

The market anticipated a 1% increase in sales, following a decrease of 1.2% in October.

The pending home sales index, which is a forward-looking indicator of home sales based on contract signings, stayed unchanged at 71.6 in November.

"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," said Lawrence Yun, the association’s chief economist.

"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," he added.

On an annual basis, pending home sales dropped in all four US regions compared to a year ago, the NAR said in a statement.

Pending home sales measure the change in the number of houses under contract to be sold but still awaiting transaction. It excludes new home construction.