NAR: Pending Home Sales Unchanged in November; Down 5.2% Year-over-year

From the NAR: Pending Home Sales Recorded No Change in November

Pending home sales in November were identical to those in October, according to the National Association of REALTORS®. The Northeast, Midwest and West posted monthly gains in transactions while the South recorded a loss. All four U.S. regions registered year-over-year declines in transactions.

The Pending Home Sales Index (PHSI)* – a forward-looking indicator of home sales based on contract signings – stayed at 71.6 in November. Year over year, pending transactions were down 5.2%. An index of 100 is equal to the level of contract activity in 2001.
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The Northeast PHSI rose 0.8% from last month to 64.4, a drop of 6.4% from November 2022. The Midwest index increased 0.5% to 76.2 in November, down 2.2% from one year ago.

The South PHSI declined 2.3% to 83.2 in November, decreasing 6.5% from the prior year. The West index climbed 4.2% in November to 54.0, falling 4.9% from November 2022.
emphasis added

This was below expectations. Note: Contract signings usually lead sales by about 45 to 60 days, so this would usually be for closed sales in December and January.