Staff Reports
WASHINGTON – Pending home sales slipped in November, receding slightly after a previous month of gains, according to the National Association of Realtors. Each of the four major U.S. regions witnessed contract transactions decline month-over-month. Year-over-year activity mostly retreated too, as three regions reported drops and only the Midwest saw an increase.
The Pending Home Sales Index (PHSI), www.nar.realtor/pending-home-
“There was less pending home sales action this time around, which I would ascribe to low housing supply, but also to buyers being hesitant about home prices,” said Lawrence Yun, NAR’s chief economist. “While I expect neither a price reduction, nor another year of record-pace price gains, the market will see more inventory in 2022 and that will help some consumers with affordability.”
Yun notes that housing demand continues to be high, explaining that homes placed on the market for sale go from “listed status” to “under contract” in approximately 18 days.
“Buyer competition alone is unrelenting, but home seekers have also had to contend with the negative impacts of supply chain disruptions and labor shortages this year,” he said. “These aspects, along with the exorbitant prices and a lack of available homes, have created a much tougher buying season.”
Yun adds that a countrywide surge of the omicron variant poses a risk to the housing market’s performance, as buyers and sellers are sidelined, and home construction is delayed.
Realtor.com®‘s Hottest Housing Markets most recent data showed that out of the largest 40 metros, the most improved markets over the past year were Orlando-Kissimmee-Sanford, Fla.; Tampa-St. Petersburg, Fla.; Dallas-Fort Worth-Arlington, Texas; Jacksonville, Fla.; and Denver-Aurora-Lakewood, Colo.
Month-over-month, the Northeast PHSI declined 0.1% to 99.4 in November, an 8.5% drop from a year ago. In the Midwest, the index fell 6.3% to 116.8 last month, up 0.2% from November 2020.
Pending home sales transactions in the South ticked down 0.7% to an index of 148.2 in November, down 1.3% from November 2020. The index in the West slipped 2.2% in November to 105.5, down 4.6% from a year prior.
The National Association of Realtors® is America’s largest trade association, representing more than 1.5 million members involved in all aspects of the residential and commercial real estate industries.
The San Marcos City Council received a presentation on the Sidewalk Maintenance and Gap Infill…
The San Marcos River Rollers have skated through obstacles after taking a two-year break during…
San Marcos Corridor News has been reporting on the incredible communities in the Hays County…
Visitors won't be able to swim in the crystal clear waters of the Jacobs Well Natural…
Looking to adopt or foster animals from the local shelter? Here are the San Marcos…
The Lone Star State leads the nation in labor-related accidents and especially workplace deaths and…
This website uses cookies.