Washington, DC, January 4, 2007--The National Association of Realtors reported that it’s pending home sales index dipped 0.5% in November, to 107.0 November from 107.5 in October. It was the third straight decline.
The index is based on sales contracts for existing homes signed in November. The real estate trade group said the index is pointing to stabilization in the housing market. The pending sales index is down 11.4% from November 2005. The report is "another indicator that home sales likely bottomed-out in September," said NAR chief economist David Lereah.
