BY BRAD BECKETT ON JANUARY 2, 2019
The National Association of Realtors is reporting that overall pending home sales declined 0.7% in November. The NAR’s Pending Home Sales Index (a forward-looking indicator based on contract signings) declined to 101.4 in November. However, year-over-year contract signings dropped 7.7%, making this the eleventh straight month of annual decreases.
“The latest decline in contract signings implies more short-term pullback in the housing sector and does not yet capture the impact of recent favorable conditions of mortgage rates,” Said Lawrence Yun, the NAR’s chief economist.