US Pending Homes Sales Unchanged Month-Over-Month but Down Year-Over-Year in November

On Thursday (12-28-23), The National Association of Realtors® (NAR) reported their Pending Homes Sales Index (PHSI), which are based on signed real estate contracts, not actual closings, for existing single-family homes, condominiums, and co-ops, were unchanged in November from October and remain at a reading of 71.6. An index of 100 is equal to the level of contract activity in 2001. Year-over-year, pending homes sales declined 5.2%, with all four regions posting a decline.

The NAR is reporting that in November three out of the four reporting regions posted a month-over-month gain in transactions. In November, the Northeast PHSI rose 0.8% from October to a reading of 64.4 but was down 6.4% when compared to November 2022. The Midwest index increased 0.5% to a reading of 76.2 in November but was down 2.2% year-over-year. The West region rose 4.2% in November to a reading of 54.0 but was down 4.9% year-over-year. The South was the outlier, the PHSI in the South declined 2.3% in November to a reading of 83.2 and was down 6.5% when compared to November 2022.