Pending home sales slid for the third
straight month in November
and the 2.6 percent decline was the largest of the
three.
The National Association of Realtors® (NAR) said its Pending Home Sales
Index (PHSI), a leading indicator of sales of existing single-family homes,
townhomes, condominiums, and cooperative apartments, dipped to 125.7 from its
128.9 level in October. The current PHSI is still the highest NAR’s books for any
November and was 16.4 percent higher than a year earlier The index had declined by 2.2 percent in
September and another 1.1 percent in October, ending a four-month string of
strong gains. Analysts had not expected a reversal of the current trend in
November. Those polled by both Trading Economics and Econoday had expected the
index to be unchanged from October.

 

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