Contracts to buy U.S. previously owned homes fell far more than expected in November, diving for a sixth straight month.
November's was the lowest reading — aside from the short-lived drop in the early months of the pandemic — since the index was launched in 2001.David Paul Morris | Bloomberg | Getty Images
Economists polled by Reuters had forecast contracts, which become sales after a month or two, would fall 0.8%. Pending home sales dropped 37.8% in November on a year-on-year basis. "The Midwest region — with relatively affordable home prices — has held up better, while the unaffordable West region suffered the largest decline in activity," Yun said.
This month the Fed raised rates again by half a percentage point, capping a year that saw its benchmark rate shoot from near zero in March to between 4.25% and 4.5% now - the swiftest rates have risen since the early 1980s. Fed officials projected rates would climb further in 2023, likely topping 5%.
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