Industry News

Pending home sales sink in November

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The National Association of Realtors today reported that its forward-looking indicator of existing-home sales fell in November, adding that the "exact timing and the strength of a home sales recovery is a bit uncertain." NAR's Pending Home Sales Index, based on sales contracts signed in November, dropped 2.6 percent from October's level and was down 19.2 percent from a year ago. Lawrence Yun, NAR's chief economist, said there is a pull and tug exerting itself on the market. "On the one hand, we have a pent-up demand from the 4 million jobs added to our economy over the past two years of sales decline," he said. "On the other, consumers continue to wait for additional signs of market stabilization. ... A meaningful recovery in existing-home sales could occur as early as this spring, or it may be further delayed toward late 2008." The index in the South rose 2.3 percent in November but is 19.8 percent below a year ago. In the West, the index slipped 2.1 percent but is 18.5 percent lower...