US Pending-Home Sales Jump to Highest Level Since Early 2023 (1)

Pending sales of US existing homes climbed by more than expected in November as a modest improvement in prices and mortgage rates encouraged buyers.

An index of contract signings rose 3.3% to 79.2 last month, the highest level since February 2023, according to figures released Monday by the National Association of Realtors. The gain was broad-based across regions and exceeded all but one estimate in a Bloomberg survey of economists.

“Homebuyer momentum is building,” NAR Chief Economist Lawrence Yun said in a statement, citing improving affordability and more inventory choices compared to last year. Signings have ...