US Pending Home Sales Increase for Fourth Consecutive Month in November

On December 30, the National Association of Realtors® (NAR) released its Pending Homes Sales Index (PHSI) for November. The PHSI—based on signed real estate contracts, not actual closings, for existing single-family homes, condominiums, and co-ops—increased 2.2% to a reading of 79.0 in November. Year-over-year, pending homes sales were up 6.9%. An index of 100 is equal to the level of contract activity in 2001.

Three of the four major regions experienced month-over-month increases in the PHSI, with only the Northeast posting a decline.

• The Northeast PHSI fell 1.3% to 67.8 but remained 5.6% higher than November 2023.
• The Midwest PHSI rose 0.4% to 78.1, up 1.6% year-over-year.
• The South saw the largest monthly increase, with the PHSI climbing 5.2% to 94.5, an 8.5% gain compared to the previous year.
• The West PHSI edged up 0.5% to 64.3, reflecting an 11.8% increase from November 2023.