Housing Market Sees Fourth Consecutive Month of Growth
The US housing market is on a roll, with pending home sales reaching their highest level since early 2023. According to the National Association of Realtors, the index of pending sales surged 2.2% in November, exceeding economists’ expectations of a 0.7% increase.
Regional Variations Emerge
While the national trend is upward, regional differences are apparent. The South led the pack, with pending sales skyrocketing by 5.2%. The West and Midwest also saw modest gains, with increases of 0.5% and 0.4%, respectively. However, the Northeast bucked the trend, experiencing a 1.3% decline in pending sales.
A Strong Finish to the Year
This marks the fourth consecutive month of growth in pending home sales, a promising sign for the housing market as the year draws to a close. As the industry looks to 2023, this upward momentum could translate into a strong start to the new year.
Economists Take Note
The National Association of Realtors’ index level of 79 is the highest since February 2023, indicating a robust housing market. With economists caught off guard by the stronger-than-expected growth, all eyes will be on the market’s performance in the coming months.
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