{"id":4249,"date":"2023-12-30T05:15:29","date_gmt":"2023-12-30T05:15:29","guid":{"rendered":"http:\/\/billingsrealtybrokers.paradiseinnovations.com\/index.php\/2023\/12\/30\/pending-home-sales-flat-in-november-despite-drop-in-mortgage-rates\/"},"modified":"2023-12-30T05:15:29","modified_gmt":"2023-12-30T05:15:29","slug":"pending-home-sales-flat-in-november-despite-drop-in-mortgage-rates","status":"publish","type":"post","link":"http:\/\/billingsrealtybrokers.paradiseinnovations.com\/index.php\/2023\/12\/30\/pending-home-sales-flat-in-november-despite-drop-in-mortgage-rates\/","title":{"rendered":"Pending Home Sales Flat in November Despite Drop in Mortgage Rates"},"content":{"rendered":"

<\/a><\/p>\n

David Paul Morris\/Bloomberg via Getty Images<\/p>\n

<\/p>\n

The numbers:<\/strong>\u00a0Pending home sales were flat in November compared with the previous month, according to the monthly index released Thursday by the National Association of Realtors (NAR).<\/p>\n

The Pending Home Sales Index remained at 71.6 in November from the prior month.<\/p>\n

Economists were expecting the index to rise 1% in November, according to a survey by the Wall Street Journal.<\/p>\n

Year-on-year, pending home sales are down 5.2%.<\/p>\n

Key details:<\/strong>\u00a0Sales were up in the Northeast, Midwest and West in November but dropped in the South.<\/p>\n

Big picture:<\/strong>\u00a0Pending home sales tend to lead existing home sales by a month or two. They have been on a downward trend this year.<\/p>\n

With mortgage rates having declined over the past two months, economists see a modest rebound in home sales ahead.<\/p>\n

This could cause housing inflation to remain elevated, complicating the Fed\u2019s job to get inflation down to 2%, said Torsten Slock, chief economist at Apollo Global Management.<\/p>\n

What the NAR said:<\/strong>\u00a0\u201cAlthough declining mortgage rates did not induce more homebuyers to submit formal contracts in November, it has sparked a surge in interest, as evidenced by a higher number of lockbox openings,\u201d said Lawrence Yun, NAR chief economist, in a statement along with the data.<\/p>\n

Market reaction:<\/strong> Stocks opened higher on Thursday. The yield on the 10-year Treasury note rose to 3.84%.<\/p>\n

MarketWatch, the place where you can find the latest stock market, financial and business news. Cryptocurrency<\/a> is trending now, get the latest info on Bitcoin<\/a>, Ethereum<\/a>, and XRP<\/a>.<\/em><\/p>\n

The post Pending Home Sales Flat in November Despite Drop in Mortgage Rates<\/a> appeared first on Real Estate News & Insights | realtor.com\u00ae<\/a>.<\/p>","protected":false},"excerpt":{"rendered":"

David Paul Morris\/Bloomberg via Getty Images The numbers:\u00a0Pending home sales were flat in November compared with the previous month, according to the monthly index released Thursday by the National Association of Realtors (NAR). The Pending Home Sales Index remained at 71.6 in November from the prior month. Economists were expecting the index to rise 1%…Read More→<\/a><\/p>\n","protected":false},"author":0,"featured_media":4250,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[],"class_list":["post-4249","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-uncategorized"],"_links":{"self":[{"href":"http:\/\/billingsrealtybrokers.paradiseinnovations.com\/index.php\/wp-json\/wp\/v2\/posts\/4249","targetHints":{"allow":["GET"]}}],"collection":[{"href":"http:\/\/billingsrealtybrokers.paradiseinnovations.com\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"http:\/\/billingsrealtybrokers.paradiseinnovations.com\/index.php\/wp-json\/wp\/v2\/types\/post"}],"replies":[{"embeddable":true,"href":"http:\/\/billingsrealtybrokers.paradiseinnovations.com\/index.php\/wp-json\/wp\/v2\/comments?post=4249"}],"version-history":[{"count":0,"href":"http:\/\/billingsrealtybrokers.paradiseinnovations.com\/index.php\/wp-json\/wp\/v2\/posts\/4249\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"http:\/\/billingsrealtybrokers.paradiseinnovations.com\/index.php\/wp-json\/wp\/v2\/media\/4250"}],"wp:attachment":[{"href":"http:\/\/billingsrealtybrokers.paradiseinnovations.com\/index.php\/wp-json\/wp\/v2\/media?parent=4249"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/billingsrealtybrokers.paradiseinnovations.com\/index.php\/wp-json\/wp\/v2\/categories?post=4249"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/billingsrealtybrokers.paradiseinnovations.com\/index.php\/wp-json\/wp\/v2\/tags?post=4249"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}