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NAR: Pending sales up in November

Dec 30, 2013
Pending home sales posted a slight gain in November, according to the National Association of REALTORS. The Pending Home Sales Index, a forward-looking indicator based on contract signings, inched up 0.2 percent to 101.7 in November from a downwardly revised 101.5 in October, but is 1.6 percent below November 2012 when it was 103.3. The data reflect contracts, but not closings.

NAR Chief Economist Lawrence Yun said the market is flattening. “We may have reached a cyclical low because the positive fundamentals of job creation and household formation are likely to foster a fairly stable level of contract activity in 2014,” he said. “Although the final months of 2013 are finishing on a soft note, the year as a whole will end with the best sales total in seven years.”

Yun said the market still favors buyers in most of the country, but higher mortgage interest rates in combination with strong price gains mean a more modest growth in values is expected in 2014.

The PHSI in the Northeast declined 2.7 percent to 82.6 in November, but is 1.9 percent above a year ago.
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