US: Pending home sales decline 0.7% in November to match expectations

"The Pending Home Sales Index, a forward-looking indicator based on contract signings, decreased 0.7 percent to 101.4 in November, down from 102.1 in October," the National Association of Realtors reported on Friday.

Key takeaways from the press release

Lawrence Yun, NAR chief economist: "The latest decline in contract signings implies more short-term pullback in the housing sector and does not yet capture the impact of recent favorable conditions of mortgage rates." 

 “Unlike past government shutdowns, with this present closure, flood insurance is not available. That means that roughly 40,000 homes per month may go unsold because purchasing a home requires flood insurance in those affected areas.”