The National Association of Realtors’ Pending Home Sales Index tracks the number of contracts to buy homes that are signed each month. Because it tracks contract signings, not closings, it can be a good indicator of future home sales. In November, the index found pending sales down 2.2 percent from the month before. Lawrence Yun, NAR’s chief economist, says home buying conditions are challenging right now but relief may be on the way. “There was less pending home sales action this time around, which I would ascribe to low housing supply, but also to buyers being hesitant about home prices,” Yun said. “While I expect neither a price reduction, nor another year of record-pace price gains, the market will see more inventory in 2022 and that will help some consumers with affordability.” Regionally, contract signings were mostly flat except for in the Midwest, where they fell 6.3 percent. The West also saw a decline, with contract activity down 2.2 percent month over month.
