Pending Home Sales Rise Again in November

After rising 10.4 percent in October, The National Association of Realtor’s Pending Home Sales Index was up again in November, rising 3.5 percent. Lawrence Yun, NAR’s chief economist, said historically high housing affordability is boosting sales but further gains are needed to reach normal activity. The Pending Home Sales Index is a forward-looking indicator reflecting contracts, not closings. Signings are up 22.1 percent over their June low, which was the lowest since the NAR began tracking the data in 2001. More here and here.

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