The National Association of Realtor’s pending home sales index fell 0.7 percent in November to a four-year low of 101.4.
MarketWatch reports that the index is down 7.7 percent from November 2017. November’s monthly decline from October came mostly in the South and Midwest, where the index was down 2.7 percent and 2.3 percent, respectively.
One caveat: The latest report was compiled before a sharp drop in interest rates in the past month that have made mortgages a bit cheaper.
Home sales and construction have taken a big hit from rising U.S. interest rates, while a shortage of skilled trade people has hampered builders. There are still plenty of people who want to buy a home, but prices remain relatively high, and the increase in mortgage rates hasn’t helped.
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