November pending home sales were unchanged, despite a sharp drop in mortgage rates

According to the National Association of Realtors, pending home sales in November remained unchanged compared to October and showed a 5.2% decrease compared to November of the previous year.

This metric, based on signed contracts during the month, serves as both a forward-looking indicator of closed sales and a current reflection of potential homebuyer sentiment.

Mortgage rates play a crucial role in this report, as the average rate on the 30-year fixed mortgage spiked over 8% in mid-October, only to sharply drop to 7.5% in the first week of November, as reported by CNBC.

READ MORE: https://www.cnbc.com/2023/12/28/november-pending-home-sales-unchanged.html

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