This is what constitutes as good news for home sales this year
CNN
After a steep decline in October, US pending home sales stayed flat at a 20-year low in November.
In a miserable year for home sales, sometimes no news is good news. Following 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. “With mortgage rates falling further in December – leading to savings of around $300 per month from the recent cyclical peak in rates – home sales will improve in 2024,” Yun added.
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