Pending-Home Sales Improve for the Fourth Consecutive Month

Pending-home sales increased at the end of 2024—although slightly. In November, pending-home sales rose by 2.2%, marking the fourth consecutive monthly increase and the highest level of increases since February 2023, according to the National Association of Realtors’ Pending-Home Sales Index. Pending sales rose in most regions of the U.S., but the Northeast saw sales drop by 1.3% month-over-month. Overall, the index climbed to 79, reflecting a 6.9% year-over-year improvement in pending sales.

“Consumers appeared to have recalibrated expectations regarding mortgage rates and are taking advantage of more available inventory,” said NAR Chief Economist Lawrence Yun. “Mortgage rates have averaged above 6% for the past 24 months. Buyers are no longer waiting for or expecting mortgage rates to fall substantially. Furthermore, buyers are in a better position to negotiate as the market shifts away from a seller’s market.” Read more