A measure of contract signings for the purchase of previously owned U.S. homes unexpectedly increased in November after surging a month earlier, according to data released Wednesday by the National Association of Realtors.
Highlights of Pending Home Sales (November)
Index rose 0.2% m/m (est. 0.4% drop) after 3.5% increase that was the largest since February Gauge increased 0.6% y/y on unadjusted basis after rising 1.2%
Key Takeaways
The increase in contract signings indicates previously owned home sales, tabulated when a deal closes, will stay steady in coming months after climbing in November to an almost 11-year high. Robust employment and cheap borrowing costs are underpinning the housing recovery. Nonetheless, lean inventory remains a hurdle for the market as it's keeping home prices rising faster than income growth.
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