Economists' Outlook

Housing stats and analysis from NAR's research experts.

November 2020 Pending Home Sales Index Declines by 2.6%

NAR released a summary of pending home sales data showing that November’s pending home sales pace declined 2.6% last month but rose 16.4% from a year ago. The U.S. pending home sales index level for the month was 125.7. November’s incline brings the pending index above the 100-level mark for the sixth consecutive month since February 2020.

Bar chart: Pending Home Sales Index, November 2019 to November 2020

Pending sales represent homes that have a signed contract to purchase on them but have yet to close. They tend to lead Existing Home Sales data by 1 to 2 months.

All four regions showed strong gains with double inclines from a year ago. The South had the biggest gain in contract signings of 21.3% followed by the Northeast with an increase of 15.3%. The Midwest had an incline of 14.1% followed by the West with the smallest gain of 10.4%.

Bar chart: November U.S. and Regional Pending Sales, 2020 and 2019

From last month, all four regions showed declines in contract signings. The South had a decline of 1.1% followed by the Midwest with a drop of 3.3%. The Northeast had a dip in contract signings of 3.3% followed by the West, which had the biggest decline of 4.7%.

Line graph: U.S. and Regional Pending Home Sales Index, January 2019 to November 2020

The 100 level is based on a 2001 benchmark and is consistent with a healthy market and existing-home sales above the 5 million mark.


Comment Policy

The opinions expressed in reader comments sections on this website are those of the reader and not NAR or REALTOR® Magazine.

About Economists' Outlook

Visit this blog daily to see what NAR experts are saying about the economy, the housing market, and other factors that will impact your business.

Housing Minute

Housing Minute is a monthly video series highlighting the latest housing data from the National Association of REALTORS® in a minute or less.