• 0
  • Home
  • About Us
  • What We Do

Shopping Cart

GPAM
  • Home
  • About Us
  • What We Do

November US home contract signings drop. Yes, drop.

Those looking to buy a home held back (or were stymied) in November, with contract signings dipping month-over-month by 2 percent. (iStock)

Pending U.S. home sales slipped last month as prices remained high and supply continued to dry out.

Home contract signings fell in November after rising in the previous month, according to the latest report from the National Association of Realtors.

The organization’s pending home sales index, which looks at contracts signed for single-family homes, condominiums and co-ops, fell 2.2 percent from October, which had seen a 7.5 percent jump from the month before. The year-over-year drop in November was 2.7 percent.

The month-over-month decline was seen in every region of the U.S. The Midwest had the biggest decrease, with contracts falling 6.3 percent from October. Still, the region was the only one where more deals were signed than were inked a year ago, although the increase was just 0.2 percent.

Read more
  • Fewer homes, fewer contracts: pending home sales dip again in July
  • August home contract signings rise after 2 months of decline
  • Slowdown in pending homes sales signals “turning point” for housing market

The dip can be attributed in part to low housing supply and hesitation surrounding home prices, said NAR chief economist Lawrence Yun. Delays caused by the omicron variant could stall the market as buyers and sellers become sidelined and construction is delayed, Yun added. More than 19 percent of New Yorkers’ Covid tests Tuesday came back positive.

Additional listings figure to take pressure off buyers next year, the economist noted.

“While I expect neither a price reduction nor another year of record-pace price gains, the market will see more inventory in 2022 and that will help some consumers with affordability,” Yun said.

Despite the drop in contracts, demand for homes remained high. These days, it takes roughly 18 days for homes to go into contract after being listed, Yun said.

“Buyer competition alone is unrelenting, but home seekers have also had to contend with the negative impacts of supply chain disruptions and labor shortages this year,” Yun said.

[contact-form-7 404 "Not Found"]

The post November US home contract signings drop. Yes, drop. appeared first on The Real Deal Los Angeles.

Powered by WPeMatico

  • 29 December 2021
  • The Real Deal
  • Uncategorized
  •  Like
Jamestown plans New Year’s ball drop at metaverse Times Square →← Samsung’s $17B deal came with Texas-sized incentives
  • Recent Posts

    • Post-wildfires, shipping containers, 3D-printed homes provide temporary shelter May 9, 2025
    • Archer snack company leases 351K sf Dodger dog factory in Vernon May 9, 2025
    • One in three distressed borrowers handing back buildings, experts say May 9, 2025
    • LA County greenlights self-certification for Altadena rebuilding May 8, 2025
    • Irvine Company aims to transform golf course into village of 3K homes May 8, 2025
  • Recent Comments

    • Archives

      • May 2025
      • April 2025
      • March 2025
      • February 2025
      • January 2025
      • December 2024
      • November 2024
      • October 2024
      • September 2024
      • August 2024
      • July 2024
      • June 2024
      • May 2024
      • April 2024
      • March 2024
      • February 2024
      • January 2024
      • December 2023
      • February 2023
      • January 2023
      • December 2022
      • November 2022
      • October 2022
      • September 2022
      • August 2022
      • July 2022
      • June 2022
      • May 2022
      • April 2022
      • March 2022
      • February 2022
      • January 2022
      • December 2021
      • November 2021
      • October 2021
      • September 2021
      • August 2021
      • July 2021
      • June 2021
      • May 2021
      • April 2021
      • March 2021
      • February 2021
      • January 2021
      • December 2020
      • November 2020
      • October 2020
      • September 2020
      • August 2020
      • July 2020
      • June 2020
      • May 2020
      • April 2020
      • March 2020
      • February 2020
      • January 2020
      • December 2019
      • November 2019
      • October 2019
      • September 2019
      • August 2019
      • July 2019
      • June 2019
      • May 2019
      • April 2019
      • March 2019
      • February 2019
      • January 2019
      • December 2018
      • November 2018
      • October 2018
      • September 2018
      • August 2018
      • July 2018
      • June 2018
      • May 2018
      • April 2018
      • March 2018
      • February 2018
      • January 2018
      • December 2017
    • Global Property and Asset Mangement, Inc.
      137 North Larchmont
      Los Angeles, California 90010
      +1 213-427-1127

    © 2025 GPAM