“Favorable fundamentals—such as demographics, an improving labor market and income growth, and low mortgage rates—suggest we should see a continued recovery in housing. However, the limited supply of for-sale homes could create some headwinds in the near-to-medium term. The pending home sales index leads existing home sales by a couple of months and should give us an indication of the pace of existing home sales in December. Consensus forecasts a 0.6% increase in the pending home sales index for November.”
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