Overview

• 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.