Pending Home Sales Flat in November; NAR Expects Higher Sales in 2024

Real Estate In-Depth • December 28, 2023

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.

Pending Home Sales Regional Breakdown

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.

Pending Home Sales, November 2023
Pending Home Sales, November 2023
By Real Estate In-Depth April 16, 2026
While limited inventory continues to define much of the region, pockets of opportunity are emerging.
By Real Estate In-Depth April 15, 2026
Today’s market is increasingly driven by equity-rich, repeat buyers, while first-time purchasers continue to face significant barriers to entry.
By Real Estate In-Depth April 15, 2026
What began as an infrastructure crisis has evolved into a blueprint for modernization—one that reflects where housing policy, sustainability goals, and real estate operations are heading.
By Real Estate In-Depth April 15, 2026
More than 12,000 real estate transaction complaints were reported last year, highlighting rising financial losses and increasingly sophisticated fraud schemes.
By Real Estate In-Depth April 15, 2026
Proposed agreement, pending court approval, would resolve homebuyer claims in a class-action antitrust case over buyer-agent commissions.
By John Jordan April 9, 2026
A native of Rockland County, Obremski has worked in public service in the Hudson Valley for nearly two decades, including roles in community development and municipal law.
More