New figures from the National Association of Realtors show pending home sales saw a slight gain during November, with declines in the Northeast and Midwest offset by gains in the South and West. The NAR's Pending Home Sales Index rose 0.2% month-over-month, but was down 1.6% year-over-year. NAR chief economist Lawrence Yun said the data suggested a market thaat was 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.
In spite of the stabilizing market, Yun indicated 2013 overall had been a strong year for home sales.
“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.”
Pending home sales edged up slightly in November, but the market is flattening, new research suggests.