A weak resale market, low inventory and high prices led the number of contract signings to purchase previously owned homes to stay the same in November, per the National Association of Realtors’ Index.
The index was unchanged at 71.6, the lowest in data back to 2001, while a median estimate in a Bloomberg survey of economists called for a gain of 0.9 percent. On a year-on-year basis, pending home sales decreased 5.1 percent on an unadjusted basis.
By region, gains in the West were offset by a sharp decline in the South during November. On an annual basis, all regions were lower.