Pending Sales; Foiled Again!

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Posted To: MND NewsWire

Analysts had expected to hear that pending home sales had a good run in November, perhaps even breaking its 10-month streak of year-over-year declines; Econoday went so far as to predict “A big bounce back is the forecast for November pending home sales.” Instead, the National Association of Realtors® (NAR) announced that its Pending Home Sales Index (PHSI) was down 0.7 percent compared to October. The Index, based on signed contracts to purchase existing homes, slipped from 102.1 in October to 101.4. This was a 7.7 percent decline from the November 2017 level, extending the losing streak to 11 months. The November results were below even the most negative predictions from analysts polled by Econoday. Those ranged from an 0.6 percent to loss to a 2.2 percent gain. The consensus was for…(read more)

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