|A drop is observed in the number of contract signed for pending home sales in November over the preceding month, though the sales are still higher from what was recorded in the same month last year. This is the finding of a report made public by National Association of Realtors (NAR).
According to the report, which is based on a Pending Home Sales Index maintained by NAR, pending home sales recorded a drop of 16 percent from 114.3 in October to 96 in November this year. The sale percentage of November when compared to the same period of the previous year is found to be higher by about 15.5 percent. The officials at NAR are optimistic about the gains in sales activity again in early spring as a response by the first time home buyers to the recently expanded tax credt.