FOREX TradingCharts.com

Financial News: U.S. Pending Home Sales Surge To Highest Level

U.S. Pending Home Sales Surge To Highest Level Since February 2023

12/30/2024 - 10:29:00 (RTTNews)

(RTTNews) - A report released by the National Association of Realtors on Monday showed pending home sales in the U.S. surged by much more than expected in the month of November.

NAR said its pending home sales index shot up by 2.2 percent to 79.0 in November after jumping by 1.8 percent to 77.3 in October. Economists had expected pending home sales to climb by 0.7 percent.

The pending home sales index increased for the fourth consecutive month, reaching its highest level since February 2023.

A pending home sale is one in which a contract was signed but not yet closed. Normally, it takes four to six weeks to close a contracted sale.

"Consumers appeared to have recalibrated expectations regarding mortgage rates and are taking advantage of more available inventory," said NAR Chief Economist Lawrence Yun.

"Mortgage rates have averaged above 6% for the past 24 months. Buyers are no longer waiting for or expecting mortgage rates to fall substantially," he added. "Furthermore, buyers are in a better position to negotiate as the market shifts away from a seller's market."

The bigger than expected increase by pending home sales partly reflected a spike in the South, where pending home sales soared by 5.2 percent.

Pending home sales in the West and Midwest also rose by 0.5 percent and 0.4 percent, respectively, while pending home sales in the Northeast slumped by 1.3 percent.

"It appears that some markets will outperform, driven primarily by local job gains and the flow of new inventory supply," explained Yun.

Last Monday, the Commerce Department released a separate report showing a significant rebound by new home sales in the month of November.

The Commerce Department said new home sales surged by 5.9 percent to an annual rate of 664,000 in November after plunging by 14.8 percent to a revised rate of 627,000 in October.

Economists had expected new home sales to spike by 6.6 percent to an annual rate of 650,000 compared to the rate of 610,000 originally reported for the previous month.

For comments and feedback: contact editorial@rttnews.com

Copyright(c) 2024 RTTNews.com. All Rights Reserved

Market News provided by RTTNews

RECENT INTERNATIONAL FINANCIAL NEWS


European Economic News Preview: UK Labor Market Data Due (27 min(s), 15 sec(s) ago)
(RTTNews) - Labor market data from the UK and economic sentiment from Germany are the top economic ...Full Story»

Moldova Industrial Production Decline Eases In November (13 min(s), 45 sec(s) ago)
(RTTNews) - Moldova's industrial production contracted for the fourth straight month in Novemb ...Full Story»

Luxembourg Jobless Rate Steady At 5.9% (33 min(s), 45 sec(s) ago)
(RTTNews) - Luxembourg's unemployment rate held steady for the second straight month in Decemb ...Full Story»

Greece Current Account Deficit Narrows In November (48 min(s), 45 sec(s) ago)
(RTTNews) - Greece's current account deficit declined in November due to an improvement of the ...Full Story»

Eurozone Construction Output Expands 1.2%, Strongest Since Early 2023 (24 min(s), 45 sec(s) ago)
(RTTNews) - Eurozone construction production grew at the fastest pace in nearly two years in Novem ...Full Story»

UK House Prices Rise Most Since 2020: Rightmove (10 min(s), 45 sec(s) ago)
(RTTNews) - UK house prices increased the most since 2020 and new sellers coming to the market hit ...Full Story»

Italy Construction Output Grows Most In 10 Months (50 min(s), 45 sec(s) ago)
(RTTNews) - Italy's construction output increased for the third straight month in November, ac ...Full Story»

Hong Kong Jobless Rate Steady At 3.1% (32 min(s), 45 sec(s) ago)
(RTTNews) - Hong Kong's unemployment rate held steady in the October-December period, labor fo ...Full Story»

Search

INTERNATIONAL FINANCIAL NEWS

European Economic News Preview: UK Labor Market Data Due

01/21/2025 - 00:33 AM (RTTNews)
(RTTNews) - Labor market data from the UK and economic sentiment from Germany are the top economic ...Full Story>>

Moldova Industrial Production Decline Eases In November

01/20/2025 - 09:14 AM (RTTNews)
(RTTNews) - Moldova's industrial production contracted for the fourth straight month in Novemb ...Full Story>>

Luxembourg Jobless Rate Steady At 5.9%

01/20/2025 - 08:34 AM (RTTNews)
(RTTNews) - Luxembourg's unemployment rate held steady for the second straight month in Decemb ...Full Story>>

Greece Current Account Deficit Narrows In November

01/20/2025 - 07:49 AM (RTTNews)
(RTTNews) - Greece's current account deficit declined in November due to an improvement of the ...Full Story>>

Eurozone Construction Output Expands 1.2%, Strongest Since Early 2023

01/20/2025 - 06:25 AM (RTTNews)
(RTTNews) - Eurozone construction production grew at the fastest pace in nearly two years in Novem ...Full Story>>

Do not sell my personal information

Copyright © 2025. All market data is provided by Barchart Solutions. Information is provided "as is" and solely for informational purposes, not for trading purposes or advice. To see all exchange delays and terms of use, please see disclaimer.