The pending home sales index rose 0.8 percent in November to 104.8, which is slightly above its average for the past six months. Pending sales rose in the South, Northeast and West but fell slightly in the Midwest.
Stronger Pending Home Sales
Pending home sales rose solidly in November, with the overall index rising 0.8 percent to 104.8. The pending home sales index has bounced around in recent months and has averaged 104.5 over the past six months.
Any reading above 100 is a generally positive sign for existing home sales, which tend to lead pending home sales by about two months.
Sales Have Picked Up in the South
Pending home sales rose 1.4 percent in the Northeast, 1.3 percent in the South and 0.4 percent in the West. Pending sales fell 0.4 percent in the Midwest, continuing a long string of declines.
On a year-to-year basis sales are up the most in the South, where they have risen 3.7 percent. The Northeast and West are up 2.8 and 2.3 percent, respectively; while pending sales in the Midwest have fallen 3.3 percent over the past year.