US November pending home sales +2.2% vs +0.9% expected

• Prior month +2.0% (revised to +1.8%)

Details

• Home sales index 79.0 versus 77.4 last month (revised to 77.3)
• Sales 6.9% vs 5.4% year on year prior

This is the fourth-consecutive month of increases and buyers give up waiting for lower rates. In December though, US 30-year fixed rates rose above 7% and that’s been a big problem in the past.

“Consumers appeared to have recalibrated expectations regarding mortgage
rates and are taking advantage of more available inventory,” said NAR
Chief Economist Lawrence Yun. “Mortgage rates have averaged above 6% for
the past 24 months. Buyers are no longer waiting for or expecting
mortgage rates to fall substantially.”

This article was written by Adam Button at www.forexlive.com.