On an annual basis in November, pending sales soared 7.4 percent, according to the latest National Association of REALTORS® (NAR) Pending Home Sales Index, based on contract signings.
“Despite the insufficient level of inventory, pending home contracts still increased in November,” Lawrence Yun, chief economist at NAR. “The favorable conditions are expected throughout 2020 as well, but supply is not yet meeting the healthy demand.
“Sale prices continue to rise, but I am hopeful that we will see price appreciation slow in 2020,” adds Yun. “Builder confidence levels are high, so we just need housing supply to match and more home construction to take place in the coming year.”
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