Having slipped 1.7 percent in October, the National Association of Realtors Pending Home Sales Index, for which 100 denotes “an average level” of activity, ticked up 1.2 percent in November to 108.5.

As such, the pace of new contract signings across the U.S. is now running 7.4 percent higher than at the same time last year but remains 3.4 percent below the cyclical high of 112.3 recorded in early 2017.

And having dropped 3.4 percent in October, the regional Pending Home Sale Index for the West rebounded 5.5 percent last month to a reading of 98.4, which remains “below average” but is now 14.0 percent higher than at the same time last year.

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