This is what constitutes as good news for home sales this year
New York (CNN) — In a miserable year for home sales, sometimes no news is good news.
Posted — UpdatedFollowing a steep decline in October, pending home sales in the United States remained at a 20-year low in November, according to a report released Thursday.
Meanwhile, the pending home sales index — a forward-looking indicator based on contract signings rather than closings — was down 5.2% from a year ago, monthly data from the National Association of Realtors showed.
The South was the only region in which monthly pending transactions declined in November. Pending sales in the Northeast, Midwest and West gained during the month. But all four regions recorded year-over-year declines in transactions.
“Although declining mortgage rates did not induce more homebuyers to submit formal contracts in November, it has sparked a surge in interest, as evidenced by a higher number of lockbox openings,” said Lawrence Yun, NAR chief economist.
This is a breaking news story. It will be updated.
The-CNN-Wire™ & © 2023 Cable News Network, Inc., a Warner Bros. Discovery Company. All rights reserved.
Copyright 2024 by Cable News Network, Inc., a Time Warner Company. All rights reserved.
