Tag Archives: NAR’s Pending Home Sales Index (PHSI)

"The housing market is off to a good start this year, as consumers benefit from falling mortgage rates and stable home prices," said Lawrence Yun, NAR Chief Economist.

Pending home sales in November remained the same as October 2023's report, however NAR expects that to change as the downward trend in mortgage rates is expected to shift home sales upward to close out 2023.

“Today’s data signal that home sales activity is likely to remain steady, at a low level, over the next few months as limited options and significant affordability challenges weigh on buyers,” said Realtor.com Senior Economic Research Analyst Hannah Jones.

Led by an increase in sales in the Northeast and Midwest, NAR found that pending home sales nationwide rose slightly month-over-month in June, with the market continuing to struggle with a lack of housing supply.

As the summer buying season approaches, the National Association of Realtors expects pending home sales numbers to make further incremental increases this year.

NAR reports that month-over-month, contract signings fell in three of four major U.S. regions, with only the Midwest showing signs of improvement.