WASHINGTON–The number of homes going under contract in the U.S. rose for a fourth-straight month in November, according to a monthly index, with the strongest performance observed in the West Region,
According to a new report from the National Association of Realtors, the pending home sales index, a leading indicator of house sales based on contract signings, rose 3.3% on month in November to 79.2, accounting for seasonal factors.
November’s was the indicator’s best performance in nearly three years, the NAR’s chief economist, Lawrence Yun, said in a statement.
Other Findings in the Report
- Pending home sales jumped 9.2% month-on-month in the West region. The Northeast, Midwest and South regions saw monthly growth between 1.3% and 2.4%.
- All regions saw annual growth, led by a 3.3% increase in the South. The Northeast Region had the smallest annual expansion, at a 1.8% pace.
- Year-on-year, pending home sales were 2.6% higher nationwide, NAR said.
“Improving housing affordability —driven by lower mortgage rates and wage growth rising faster than home prices— is helping buyers test the market,” said Yun in a statement, adding that inventory choices are increasing, helping to attract buyers.
