November Home Sales Remain Unchanged Despite Falling Mortgage Rates

Economists' expectations of increased contract signings due to lower rates unmet, as high housing costs and challenging market conditions persist.

November's pending home sales remained flat from the month prior, with the index near all-time lows, 5.2% lower than the same time last year.
Despite falling mortgage rates, the decrease did not significantly draw more buyers into the housing market.
Economists had expected a 1% increase in contract signings due to easing mortgage rates, but the challenging market and high housing costs deterred prospective buyers.
Interest in the housing market has increased, as evidenced by a higher number of lockbox openings, despite the lack of formal contracts.
Home sales varied by region, with increases in the Northeast, Midwest, and West, but a decline in the South.