Pending home sales in the United States remained unchanged on a monthly basis in November at 71.4, their lowest level in 20 years, the National Association of Realtors (NAR) shared in its report released on Thursday. On an annual level, the figure dropped 5.2%.
According to the report, there will be an improvement in home sales by 2024, attributed to the further decline of mortgage rates in December, resulting in potential savings of approximately $300 per month compared to the previous peak in interest rates.
"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," NAR Chief Economist Lawrence Yun noted.
