Workers carry a wall frame for a home under construction at a K. Hovnanian Homes development in Plano, Illinois, U.S., on Wednesday, May 15, 2019.
Daniel Acker / Bloomberg / Getty Images
Contracts to buy previously owned U.S. homes rose in November, driven by a surge in new contracts being signed in the country's West, the National Association of Realtors said on Monday.
The NAR's pending home sales index, based on contracts signed last month, increased 1.2% to a reading of 108.5. The
previous month's reading was revised upward.
Pending home contracts are seen as a forward-looking indicator of the health of the housing market because they
become sales one to two months later.
Compared with one year ago, pending sales were up 7.4%.
Compared to the prior month, contracts increased 5.5% in November in the West. They also increased in the Midwest but
were lower in the South and Northeast.