US pending home sales unexpectedly surge in November

(Sharecast News) - US pending home sales unexpectedly surged in November, according to the National Association of Realtors, hitting their highest level since February 2023. Based on signed contracts, pending home sales rose 3.3% month-on-month, better than expectations for a softer 1% increase and October's upwardly revised 2.4% gain. On an annualised basis, pending home sales were up 2.6%.

"Homebuyer momentum is building. The data shows the strongest performance of the year after accounting for seasonal factors, and the best performance in nearly three years, dating back to February 2023," NAR chief economist Lawrence Yun.

"Improving housing affordability - driven by lower mortgage rates and wage growth rising faster than home prices - is helping buyers test the market," Yun added. "More inventory choices compared to last year are also attracting more buyers to the market."

Pending home sales rose 3.3% in the South, while sales in the Northeast, Midwest, and the West were up 1.8%, 2.2% and 2.4%, respectively.







Reporting by Iain Gilbert at Sharecast.com