Last month, pending home sales eked out a small gain (0.1 percent). More notably, NAR Research’s index was 1.8 percent higher than a year ago and was up year-over-year in all four major regions.
But…
A lot has happened since the very last buyer signed a contract to purchase a home in October. Ever since the election, the stock market has boomed, mortgage rates skyrocketed to above 4 percent and consumer feelings about 2017 can best be described as a tightly-wrapped present mixed with hope, fear and uncertainty.
The release of this news led to plenty of calls and emails my way echoing the same thing: “What will happen to the housing market in November, December and in 2017 now that mortgage rates are expectantly climbing faster than expected?”
For that answer, watch NAR Chief Economist Lawrence Yun in a video I shot with him yesterday (above). Enjoy!
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