Pending Home Sales Fell More Than Expected in November, But Some See a Bounce on The Horizon

Pending Home Sales Fell More Than Expected in November, But Some See a Bounce on The Horizon

Stop me if you've heard this one before: home sales numbers continue to suffer due to a perfect storm of higher rates, lofty prices, and tighter purse strings driven by inflation.  Ultra low inventory levels can't be overlooked either.  Any way you slice it, housing was booming at a frenzied pace by the end of 2021 and everyone simultaneously got the memo that it was time for things to cool off in 2022.   In that sense, Pending Home Sales are no different than any of the other recent home sales data.  They were very high and are now back in line with the lowest levels since the pandemic-related shutdowns in 2020. Unlike other recent home sales reports, Pending Sales is a bit more forward looking.  In fact, it's often thought of as a solid predictor for activity in the subsequen