Pending home sales in the US remained at a 20-year low in November after a significant decline in October. The pending home sales index, which is based on contract signings, was down 5.2% compared to the previous year. While the South was the only region to see a decline in pending transactions, all four regions experienced year-over-year declines. Despite declining mortgage rates, there was no increase in formal contracts submitted in November, although there was an increase in interest. However, with further declines in mortgage rates expected in December, home sales are predicted to improve in 2024. The drop in mortgage rates is expected to benefit the housing market, especially as the Federal Reserve plans to cut rates in the coming year. The average 30-year fixed-rate mortgage decreased in the week ending December 21, but it remains higher than the previous year. Housing inventory remains limited, leading buyers to focus on new construction. However, a recent increase in new listings for existing homes and the drop in mortgage rates may generate more interest in existing homes and improve pending sales activity. The latest mortgage rates will be released on Thursday.
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