Posted To: MND NewsWire

Pending home sales bounced back in November , partially recovering from a 1.7 percent decline in October. The National Association of Realtors® said its Pending Home Sales Index (PHSI), a measure of contracts signed during the month to purchase existing homes, gained 1.2 percent in November to a reading of 108.5 from 106.7. The index is now up 7.4 percent compared to the November 2018 PHSI. The month-over month change was slightly higher than the estimate of 1.1 percent from analysts polled by Econoday . Those estimates ranged from 0 to 1.5 percent. The forecast from Trading Economics was precisely on target for the October to November change, but fell far short of the actual year-over-year increase with a prediction of 5.8 percent. “Despite the insufficient level of inventory, pending…(read more)

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Source: Mortgage News Daily