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The National Association of Realtors is reporting that pending home sales rose 2.2% in in October, 2024, which the NAR says is the 4th straight month of increases. The NAR’s Pending Home Sales Index (a forward-looking indicator based on contract signings) came in at 79 in November. The NAR says expectations are being recalibrated…Indeed.
“Consumers appeared to have recalibrated expectations regarding mortgage rates and are taking advantage of more available inventory…mortgage rates have averaged above 6% for the past 24 months. Buyers are no longer waiting for or expecting mortgage rates to fall substantially. Furthermore, buyers are in a better position to negotiate as the market shifts away from a seller’s market.” Said the NAR’s Chief Economist, Lawrence Yun.
Click here to read the full report at the National Association of Realtors.
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