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Highlights
The pending home sales index fell 2.5 percent in November to a level of 120.6 after declining 3.3 percent in October. This index reflects the number of contracts signed in November and is consistent with other reports that housing activity peaked this summer and is slowing down. According to the NAR's chief economist, David Lereah, the level of housing activity remains strong because the index is based on 2001 = 100. Remember that housing activity was already hopping that year. In any case, activity is moderating, and the drop in housing sales will eventually lead to a drop in retail sales on home furnishings, furniture, and appliances.
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