US pending home sales for November -4.0% versus -0.8% last month

• Prior report. Fell -4.6% last month (was expecting at -5.0% decline)
• Pending home sales for November 2022 -4% versus -0.8% expected
• Pending home sales index 73.9 vs 77.0 last month (revised from 77.1)
• Pending home sales -37.8% from November 2021

The pending home sales index is near/below the 2010 low at 75.7. The post pandemic low from April 2009 reached 69.0. At 73.9 that level is in danger of being reached.

The housing market has been directly impacted by the feds policy in 2022 which pushed up mortgage interest rates. The thirty-year mortgage rate as a soared from 3.11% to 7.08% in 2022. The current rate is near 6.27%.

Looking at the districts:

• Northeast is down -7.9%
• South is down -2.3%
• Midwest is down -6.6%
• West is down -0.9%

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