Pending home sales in November saw a 3.3% increase from the prior month and a 2.6% increase year over year, according to the National Association of REALTORS®. The REALTORS® Confidence Index survey shows an increase in buyer traffic and seller traffic expectations. NAR Chief Economist Lawrence Yun notes that homebuyer momentum is building, driven by improving housing affordability, lower mortgage rates, and rising wages. Month-over-month and year-over-year pending home sales increased in all regions: Northeast, Midwest, South, and West. The Pending Home Sales Index is a leading indicator for the housing sector, based on pending sales of existing homes.

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