Pending Home Sales Stall In November Numbers

Pending home sales in November were identical to those in October, according to the National Association of Realtors’ latest report. The Northeast, Midwest and West posted small monthly gains while the South recorded a loss.

Year-over-year, pending transactions were down 5.2 percent.

“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.