The Pending Home Sales Index (PHSI), a forward-looking indicator of future sales based on contract signings, climbed 7.4 percent year-over-year and 1.2 percent month-over-month in November, after it dropped last month.

The index, compiled by the National Association of Realtors, rose to 108.5, with an index value of 100 equal to the level of contract activity in 2001.

“Despite the insufficient level of inventory, pending home contracts still increased in November,” NAR Chief Economist Lawrence Yun said in a statement. “The favorable conditions are expected throughout 2020 as well, but supply is not yet meeting the healthy demand.”

The index rose year-over-year in all four regions tracked by NAR, with a 14 percent annual gain reported in the West, the highest increase in any region.

Email Patrick Kearns

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