Pending Sales in Nationally Fell in November

While Santa Clarita and San Fernando Valleys showed increase in home sales in October, national data released by National Association of REALTORS show pending home sales fell in November compared with a month earlier as credit tightened and economic conditions deteriorated. The Pending Home Sales Index (PHSI), a forward-looking indicator based on contracts signed in September, declined 4.6 percent to 89.2 from an upwardly revised reading of 93.5 in August, but is 1.6 percent higher than September 2007, when it stood at 87.8.

The PHSI in the West rose 3.7 percent to 113.6 in September and remains 39.5 percent above a year ago. In the Midwest, the index slipped 0.7 percent to 83.3 and is 3.1 percent below September 2007. The index in the South fell 7.9 percent to 89.0 in September and is 11.3 percent compared with a year ago. In the Northeast, the index dropped 16.8 percent to 66.4 and is 9.4 percent below September 2007.