Pending Home Sales See Slight November Gains

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Posted To: MND NewsWire

Pending home sales pulled off a second straight gain in November, but just barely . The National Association of Realtors® (NAR) said its Pending Home Sales Index (PHSI), which is based on contracts for existing home purchases , rose 0.2 per percent to 109.5 compared to the October level of 109.3. The November reading was the highest since June, and was higher year-over-year for the first time since then, beating the November 2016 level by 0.8 percent. The gain was less than the 0.5 percent increase analysts polled by Econoday had expected, although their predictions covered a lot of territory . The range varied from -1.0 to 5.0 percent. Lawrence Yun, NAR chief economist, said, “The housing market is closing the year on a stronger note than earlier this summer , backed by solid job creation…(read more)

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