Contract signings to purchase previously owned U.S. homes increased in November for the third time in four months, consistent with steady progress in the residential real estate market.
An index of pending home sales climbed 1.2% from the previous month, missing the median forecast in a Bloomberg survey of economists, data out Monday from the National Association of Realtors showed. Underscoring the market’s turnaround from last year’s weakness, contract signings jumped 5.6% from November 2018 on an unadjusted basis.
Key Insights
The gain in signings shows the housing market remains supported by low borrowing costs, improving income growth and steady job creation. A stable tone in residential real estate through early winter may foreshadow a more robust spring selling season that could continue to add to economic growth.
Find more information here: https://www.bloomberg.com/news/articles/2019-12-30/u-s-pending-home-sales-climb-for-a-third-time-in-four-months