Pending home sales slip in November amid hot housing market

[mahatmakanejeeves]

Source: Yahoo! Finance

Yahoo Finance

Pending home sales slip in November amid hot housing market

Amanda Fung · Editor
Wed, December 29, 2021, 10:00 AM · 2 min read

The hot housing market may finally be cooling off a bit.

Pending home sales, a leading indicator of the housing market's health, missed expectations and fell in November. The National Association of Realtors’ (NAR) Pending Home Sales Index, which tracks the number of homes that are under contract to be sold, dropped 2.2% in November from October. Analysts expected a 0.8% increase in sales, according to Bloomberg consensus estimates. Pending sales slid 2.7% from the same month a year ago.

“There was less pending home sales action this time around, which I would ascribe to low housing supply, but also to buyers being hesitant about home prices,” NAR Chief Economist Lawrence Yun said in a statement.

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Pending home sales fell the most in the Midwest, down 6.3%, followed by the West which saw sales slip 2.2% from a month earlier. Pending home sales in the Northeast and South were flat last month from October. Contract signing declined across all four regions of the U.S.

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Read more: https://finance.yahoo.com/news/pending-home-sales-november-2021-150010616.html

[Historic NY]

1. Can't prove that by me....

even the dumps are getting prettied up here in NY.

[George II]

2. I hate the way business numbers are reported - comparing current numbers with the immediate...

...previous numbers.

I wish they would concentrate more on trends than snapshots.

When I was working they did that. We could double sales over the previous year, then come in at only 95% of those double sales and they'd complain "business is down"!

In fact it was UP almost 100% over 2 years back but they only look at it as a negative.

Perhaps home sales and contract signing are down because of the previous "hot market", nothing left to sell for a month or two?

[Crepuscular]

3. ...

Not in my neck of the woods, demand continues to greatly outstrip supply and prices continue to increase proportionally. I would attribute decline in sales almost totally lack of inventory, not buyer reluctance to increased prices. Properties are still selling for substantially more than listed price, with multiple bidders and cash sales with waived inspections, still constitute the bulk of sales.

[Sedona]

4. Not in Metro Atlanta or anywhere else I am aware of....

If sales have "slipped" it is due to a lack of inventory, not a lack of demand.

We have a least five offers for every listing in my office.

[monkeyman1]

5. they got the prices so jacked up ----

it's ridiculous ! I wouldn't buy a house now at gun point ! some of these damn broker's are haveing way to many martini lunches ! In the middle of a damn farm field half acre & want 45 grand !! plus , if ya want utilities , dig a septic tank & buy damn generator ! water is optional !! ya - I'm going buy a home--not !!