November 2023 Pending Home Sales Remain Flat

NAR released a summary of pending home sales data showing that November's pending home sales showed no movement from last month and fell 5.2% from a year ago.

Pending sales represent homes with a signed contract to purchase but have yet to close. They tend to lead existing-home sales data by 1 to 2 months.

All four regions showed declines from a year ago. The South had the largest dip of 6.5% followed by the Northeast with a drop in contract signings of 6.4%. The West fell by 4.9%, followed by the Midwest with the smallest decline of 2.2%.

From last month, three regions showed increases in contract signings. The South had the only decline of 2.3%. The West region had the biggest increase in contracts, 4.2%, followed by the Northeast, which rose 0.8%. The Midwest region had the smallest rise in contracts, which was 0.5%.

The U.S. pending home sales index level for November was 71.6. October's pending sales figures were revised to 71.6 as well.

November's contract signings bring the pending index below the 100-level mark for the 20th consecutive month.

The 100 level is based on a 2001 benchmark and is consistent with existing home sales above the 5 million mark.