Pending home sales decline for the third month

 

• November Pending Home Sales: -2.6% M/M to 125.7 vs. +0.0% consensus and -1.1% in October.
• Nationally, contract signings jumped 16.4% from one year ago with all regions reaching double-digit year-over-year increases.
• Month-over-month contract activity fell in each of the four major U.S. regions.
• "The latest monthly decline is largely due to the shortage of inventory and fast-rising home prices," said Lawrence Yun, NAR’s chief economist. "It is important to keep in mind that the current sales and prices are far stronger than a year ago."