Pending home sales in the U.S. grew for the fourth straight month in November, returning to the highest level since early 2023, The Wall Street Journal reports.
The National Association of Realtors’ index of pending sales increased by 2.2% last month to reach an index level of 79, the greatest since February of last year.
The South saw the most improvement last month, with pending sales growing 5.2%, as compared to the West and Midwest, which each saw pending sales grow by less than 1%. In the Northeast, pending sales fell 1.3%.
Cuts made by the Federal Reserve to its benchmark interest rate this year haven’t substantially eased mortgage rates, which tend to be more responsive to moves in longer-term U.S. Treasury yields.
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