It is the sixth straight month of decline.
The National Association of Realtors (NAR) reported that pending home sales fell 4 percent in November from the prior month. The pending home sales index has reached its second-lowest reading since it began in 2001.
The housing market has been impacted by the interest rate increases from the Federal Reserve, which have caused a rise in mortgage lending rates.
NAR’s chief economist said, “Pending home sales recorded the second lowest monthly reading in 20 years as interest rates, which climbed at one of the fastest paces on record this year, drastically cut into the number of contract signings to buy a home. Falling home sales and construction have hurt broader economic activity.”
As the Lord Leads, Pray with Us…
- For Chairman Jerome Powell as he heads the Federal Reserve.
- For board members at the Fed as they assess inflation and consider further rate increases.
- For home sellers and buyers who are being negatively impacted by the economy.
Sources: Epoch News, Wall Street Journal
