US pending home sales remain at record low

The pending home sales index in the US did not change in November, contrary to expectations for an increase. Thus, sales remained at their lowest level in 22 years. The National Association of Realtors (NAR) announced the pending home sales index for November. Accordingly, the pending home sales index in the US was 71.6 in November, unchanged compared to the previous month. Thus, sales remained at their lowest level since data began in 2001. Market expectations for the index were for a 0.9 percent increase during this period. The pending home sales index, a forward-looking indicator of home sales based on contract signings, had decreased by 1.2 percent on a monthly basis to 71.6 in October. Pending home sales decreased by 5.1 percent on an annual basis in November. NAR Chief Economist Lawrence Yun, whose views were included in the statement, stated that home sales would increase in 2024 as mortgage (housing loan) interest rates fell further in December.