Pending homes sales in the US down year on year for 11 months in a row

Pending home sales in the United States fell by 0.7% in November, but there were minor increases in the Northeast and the West, according to the latest index to be published. But year on year pending home sales was down by 7.7% and have now declined on an annual basis for 11 months in a row, according to the forward-looking index from the National Association of Realtors. However, according to Lawrence Yun, NAR chief economist, the current sales numbers don’t fully take into account other data. ‘The latest decline in contract signings implies more short-term pullback in the housing sector and does not yet capture the impact of recent favorable conditions of mortgage rates,’ he said.