Pending home sales slid in November in all regions across the country, according to new data out from the National Association of Realtors.
Contract signings fell 2.2 percent to 122.4 in November, 2.7 percent year-over-year.
“There was less pending home sales action this time around, which I would ascribe to low housing supply, but also to buyers being hesitant about home prices,” said Lawrence Yun, NAR’s chief economist. “While I expect neither a price reduction, nor another year of record-pace price gains, the market will see more inventory in 2022 and that will help some consumers with affordability.”
The index in the West slipped 2.2 percent in November, down 4.6 percent from a year prior.