Friday, December 8, 2023 | The Latest Buzz for the Appraisal Industry

Pending Home Sales Stable but Promising

By Jann Swanson

Posted To: MND NewsWire

November’s pending home sales improved from October levels and posted the third consecutive year-over-year gain and the largest one in over a year. The National Association of Realtors® (NAR) said the increase, while not large, was felt in every region but the Midwest. The NAR’s November Pending Home Sales Index (PHSI) was up 0.8 percent from October’s slightly down-graded level of 104.0 to 104.8. That was a 4.1 percent gain from the PHSI of 100.7 in November 2013, the largest such improvement since August 2013 when the index jumped 5.6 percent. The PHSI is a forward looking indicator based on contract signings for home purchases. These are generally expected to convert to closed sales in 60 or so days. Lawrence Yun, NAR’s chief economist, says signed contracts, though up slightly in November…(read more)

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