Pending home sales edged up slightly in November, but the market is flattening, new research suggests
Pending home sales edged up slightly in November, but the market is flattening, new research suggests.
New figures from the National Association of Realtors show pending home sales saw a slight gain during November, with declines in the Northeast and Midwest offset by gains in the South and West. The NAR's Pending Home Sales Index rose 0.2% month-over-month, but was down 1.6% year-over-year. NAR chief economist Lawrence Yun said the data suggested a market thaat was flattening.
“We may have reached a cyclical low because the positive fundamentals of job creation and household formation are likely to foster a fairly stable level of contract activity in 2014,” he said.
In spite of the stabilizing market, Yun indicated 2013 overall had been a strong year for home sales.
“Although the final months of 2013 are finishing on a soft note, the year as a whole will end with the best sales total in seven years.”
New figures from the National Association of Realtors show pending home sales saw a slight gain during November, with declines in the Northeast and Midwest offset by gains in the South and West. The NAR's Pending Home Sales Index rose 0.2% month-over-month, but was down 1.6% year-over-year. NAR chief economist Lawrence Yun said the data suggested a market thaat was flattening.
“We may have reached a cyclical low because the positive fundamentals of job creation and household formation are likely to foster a fairly stable level of contract activity in 2014,” he said.
In spite of the stabilizing market, Yun indicated 2013 overall had been a strong year for home sales.
“Although the final months of 2013 are finishing on a soft note, the year as a whole will end with the best sales total in seven years.”
