Having gained 3.5 percent in October, the National Association of Realtors Pending Home Sales Index, for which 100 denotes “an average level” of activity, inched up another 0.2 percent in November to 109.5 which is 0.8 percent higher on a year-over-year basis but 2.5 percent below its 2017 peak set in February.
At the same time, the National Association of Realtors is forecasting a slowdown in existing-home sales in 2018, “primarily because of the altered tax benefits of homeownership affecting some high-cost areas.”
And in the West, the index for pending home sales dropped another 1.8 percent in November to a reading of 100.4, which is 2.3 percent lower versus the same time last year.
Does anyone know if this is a leading indicator for housing price declines?