Pending home sales climbed 1.2 percent in November from the previous month according to new report from the National Association of Realtors. This is a rebound after two consecutive months of declines. The Pending Home Sales Index tracks home sales that have not yet closed but where contracts to purchase have been signed. It is used as an indicator for near-future existing-home sales.
The increase in November was driven higher by a steep jump in the West which saw a 5.5 percent increase in contract signings. All other regions saw only marginal changes from the previous month but all four regions across the U.S. were up on month-over-month basis.
Experts anticipate that the housing market will continue to pick up steam this year as mortgage rates remain near historic lows. Today, conforming no-point 30-year fixed mortgage rates are averaging 3.625 percent and 15-year rates are near 3.125 percent.
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