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St. Louis Real Estate Search

 

Pending home sales rise in November

Dennis Norman

The National Association of REALTORS Pending Home Sales Index for November shows an increase of 3.5 percent in the index from the month before (seasonally adjusted), and a 5.0 percent decrease from a year ago.

Here are highlights from the report:

  • November’s pending home sales index (seasonally adjusted) was 92.2 (the index is based upon 100.0 being equal to the average level of sales activity in 2001 which we could call the last “normal” year) which is a 3.5 percent increase from the month before and a 5.0 percent decrease from a year ago.
  • November’s not-seasonally adjusted index index was 76.2, a 9.3 percent decrease from the month before and a 2.4 percent decrease from a year ago.
  • The Northeast and West regions saw month-over-month increases (1.8 percent and 18.2 percent respectively) while the Midwest and South regions saw decreases (4.2 percent and 1.8 percent respectively).
  • All regions saw year over year declines except the west which managed to eek out a 0.4 percent year over year increase.

Lawrence Yun, NAR chief economist for the National Association of REALTORS said “historically high housing affordability is boosting sales activity. In addition to exceptional affordability conditions, steady improvements in the economy are helping bring buyers into the market,” he said. “But further gains are needed to reach normal levels of sales activity.”

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