Pending Home Sales Jump by Most Since February 2023

Lower mortgage rates and slowing price growth pushed pending home sales up 3.3% in November, the largest jump in contract signings since early 2023, as modest signs of cooling in the US housing market brought buyers back to the table, Laura Bratton reported for Yahoo Finance.

All regions of the country saw more homes going under contract last month.

The recent report from the National Association of Realtors (NAR) showed that November’s increase from the prior month exceeded the 0.9% gain economists had expected.

Compared with a year earlier, contract activity rose 2.6%, Claire Boston also reported for Yahoo Finance.

All regions of the country saw more homes going under contract last month, with the West posting the largest month-over-month gain at 9.2%. “Homebuyer momentum is building,” NAR chief economist Lawrence Yun said in a statement.