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United States Of America – The Pending Home Sales Index, a leading indicator of housing activity, tracks signed real estate contracts for existing single-family homes, condominiums, and cooperatives.
When a seller accepts a sales contract on a property, it is recorded as a “pending home sale” in a Multiple Listing Service (MLS).
The majority of pending home sales conclude within one to two months. The National Association of Realtors gathers data on pending home sales from multiple listing services and large brokers.
Together, data from over 100 multiple listing services (MLSs) and 60 large brokers provide a large sample size covering 50% of the existing home sales sample. This represents 20% of all transactions.
December 29th Release Report – Unites States November Pending Homes Sales Year Over Year
When compared to the same month the previous year, pending home sales in the United States declined by 2.70 percent in November of the following year.
It comes on the heels of a 1.4 percent decline in the previous month and is the sixth consecutive month of declining pending home sales.
December 29th Release Report – Unites States November Pending Homes Sales Month Over Month
Pre-owned home contracts in the United States fell 2.2 percent in November 2021, compared to market expectations of a 0.5 percent increase, and this followed a 7.5 percent increase in October, owing to a lack of available inventory and high home prices in the country.
Contract transactions fell in each of the four major regions, according to the data.
The number of pending home sales decreased by 2.7 percent year on 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. 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” according to Lawrence Yun, the National Association of Realtors’ chief economist