The pending home sales index fell 4.0% in November to a level of 82.3, well below expectations for a modest increase. Moreover, October's level was downwardly revised to 85.7 from 88.9 originally. The index tracks the number of signed real estate contracts and is a leading indicator of existing home sales. Based on index declines, existing homes sales could weaken further in December and January.
Not a surprise when there are 8 new homes around the corner that have not sold. People are scared, and really they should be buying. Pricing is great.
Joan Wilson
760-757-3468
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