Leasing activity surged this quarter to over 360,000 square feet, a 45% increase from the first quarter of this year, with renewals representing 57% of executed transactions.
The One Big Beautiful Bill Act includes multiple NAR-championed provisions designed to support homeownership, drive investment in housing supply, and strengthen the real estate economy.
Real estate does not thrive in uncertainty. It thrives in predictability. Buyers want to know what the future holds for taxes, schools, infrastructure, interest rates and public safety.
The Northeast, Midwest and West posted monthly gains in transactions while the South recorded a loss. All four U.S. regions registered year-over-year declines in transactions.
WASHINGTON—Pending home sales in November were identical to those in October, according to the National Association of Realtors. The Northeast, Midwest and West posted monthly gains in transactions while the South recorded a loss. All four U.S. regions registered year-over-year declines in transactions.
The Pending Home Sales Index—a forward-looking indicator of home sales based on contract signings—stayed at 71.6 in November. Year over year, pending transactions were down 5.2%. An index of 100 is equal to the level of contract activity in 2001. NAR released the November Pending Home Sales Index on Dec. 28.
“Although declining mortgage rates did not induce more homebuyers to submit formal contracts in November, it has sparked a surge in interest, as evidenced by a higher number of lockbox openings,” said Lawrence Yun, NAR chief economist.
The Northeast PHSI rose 0.8% from last month to 64.4, a drop of 6.4% from November 2022. The Midwest index increased 0.5% to 76.2 in November, down 2.2% from one year ago.
The South PHSI declined 2.3% to 83.2 in November, decreasing 6.5% from the prior year. The West index climbed 4.2% in November to 54.0, falling 4.9% from November 2022.
“With mortgage rates falling further in December—leading to savings of around $300 per month from the recent cyclical peak in rates—home sales will improve in 2024,” Yun added.
Leasing activity surged this quarter to over 360,000 square feet, a 45% increase from the first quarter of this year, with renewals representing 57% of executed transactions.
The report noted that in Westchester County, the luxury segment remains particularly strong, with significant buyer activity in the $2-million-and-above category.
Year-over-year, contract signings rose in the Midwest and South, while they fell in the Northeast and West.
San Diego, San Jose, New York, and Boston also saw affordability ratios well above 60%.
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