Friday, December 28, 2012

NAR: Pending home sales down in West region, up elsewhere

Pending home sales were up nationwide by 8.9 percent year over year nationwide during November, but were down by 1.8 percent in the West region of the US. According to the National Association of Realtors' pending home sales report released today, the West region was the only region to report declining year-over-year pending home sales. Pending home sales were up year over year by 14.5 percent, 15.5 percent and 12.6 percent in the Northeast, Midwest and South, respectively.

See here for NAR's report.

According to NAR's press release:

Yun noted there are clear regional patterns. "Contract activity surged in the Midwest and is showing very healthy gains in the South, but was down slightly in both the Northeast and West," he said.
"The Northeast saw some impact from Hurricane Sandy, but limited inventory in the West is keeping a lid on the market. All regions are up from a year ago, with double-digit gains in every region but the West," Yun said.