November marked the third consecutive month of decrease in contract signings, bringing the index to 125.7 from 128.9 in October. Although contract signings for November fell slightly for each major region, pending sales are up 16.4% from last year, an all-time high for November.
This decrease in pending home sales is largely due to fast-rising home prices due to the lack of inventory. NAR’s chief economist Lawrence Yun explains, “The market is incredibly swift this winter with the listed homes going under contract on average at less than a month due to a backlog of buyers wanting to take advantage of record-low mortgage rates.” And further projecting that existing-home sales will rise roughly 10% and new home sales by 20% in 2021. Let’s see what the new year has in store for the housing market in 2021.
Information Provided by NAR – View Original Article Here
Pending Home Sales Slide 2.6% in November. (2020, December 30). Retrieved January 04, 2021, from https://www.nar.realtor/newsroom/pending-home-sales-slide-2-6-in-november