United States Pending Home Sales MoM

Pending home sales in the United States rose 2.2% month-over-month in November 2024, above forecasts of a 0.7% increase and following a downwardly revised 1.8% advance in October. Across major US regions, the Midwest, South, and West experienced month-over-month gains in transactions, while the Northeast decreased. Year-over-year, contract signings increased in all four regions, with the West leading the pack. According to NAR Chief Economist Lawrence Yun, "Consumers appeared to have recalibrated expectations regarding mortgage rates and are taking advantage of more available inventory. Buyers are no longer waiting for or expecting mortgage rates to fall substantially."