- Pending Home Sales for November fell 2.6% versus estimates of a .7% decline and an upwardly revised 3.7% gain in October.
BOTTOM LINE: The number of Americans signing contracts to buy previously owned homes fell more than forecast in November, Bloomberg reported. Pending home sales fell 13% in the Northeast, 4.1% in the Midwest and 2.1% in the West. Sales rose 2.3% in the South. The larger rise in October than previously estimated suggests the market may be stabilizing, said Lawrence Yun, the group’s chief economist. “Although there could be some minor slippage in the first quarter, existing home sales should hold in a narrow range before trending up,” Yun said. I suspect home sales are finally stabilizing and will bounce back a bit this quarter on pent-up demand and diminishing credit market angst.
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