Levy previously served as Senior Vice President of Homeownership and Community Development at Homes and Community Renewal (HCR), New York State’s affordable housing agency.
Industrial and commercial development sites are being delivered with zoning in place, utilities secured, and entitlement pathways clearly defined…
Homebuyer momentum is building. The data shows the strongest performance of the year after accounting for seasonal factors, and the best performance in nearly three years, dating back to February 2023.
WASHINGTON—Pending home sales in November jumped by 3.3% from the prior month and 2.6% year over year, according to the National Association of Realtors Pending Home Sales Report released today (Dec. 29).
Month-over-month and year-over-year pending home sales rose in the Northeast, Midwest, South, and West.
November’s Realtors Confidence Index survey showed that 22% of NAR members expect an increase in buyer traffic over the next three months, up from 17% in October and down from 24% one year ago. Meanwhile, 18% expect an increase in seller traffic, up from 16% last month and down from 22% in November 2024.
“Homebuyer momentum is building. The data shows the strongest performance of the year after accounting for seasonal factors, and the best performance in nearly three years, dating back to February 2023,” said NAR Chief Economist Lawrence Yun. “Improving housing affordability—driven by lower mortgage rates and wage growth rising faster than home prices—is helping buyers test the market. More inventory choices compared to last year are also attracting more buyers to the market.”
3.3% increase month over month
2.6% increase year over year
Northeast
1.8% increase month over month
1.8% increase year over year
Midwest
1.3% increase month over month
2.2% increase year over year
South
2.4% increase month over month
3.3% increase year over year
West
9.2% increase month over month
2.4% increase year over year
The percent of change in pending home sales is based on the Pending Home Sales Index (PHSI)*— a forward-looking indicator of home sales based on home-contract signings. An index of 100 is equal to the level of contract activity in 2001. The Northeast posted an index of 68.4 in November.
*The Pending Home Sales Index is a leading indicator for the housing sector, based on pending sales of existing homes. A sale is listed as pending when the contract has been signed, but the transaction has not closed, though the sale usually is finalized within one or two months of signing.
Pending contracts are good early indicators of upcoming sales closings. However, the amount of time between pending contracts and completed sales is not identical for all home sales. Variations in the length of the process from pending contract to closed sale can be caused by issues such as buyer difficulties with obtaining mortgage financing, home inspection problems, or appraisal issues.
The index is based on a sample that covers about 40% of multiple listing service data each month. In developing the model for the index, it was demonstrated that the level of monthly sales-contract activity parallels the level of closed existing-home sales in the following two months.
Levy previously served as Senior Vice President of Homeownership and Community Development at Homes and Community Renewal (HCR), New York State’s affordable housing agency.
The properties contain a contiguous expanse of forest, wetlands, and streams, as well as 1,150 feet of frontage on the Neversink River.
The New York metro region (New York-Newark-Jersey City, NY-NJ) ranked fifth among the metro areas with the longest time to save for a down payment.
Pending sales, especially the 5% jump across all property types, show buyers gaining confidence.
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