The National Association of Realtors (NAR) announced on Monday its seasonally adjusted pending home sales index (PHSI) rose 1.2 percent m-o-m to 108.5 in November, after a revised 1.3 percent m-o-m drop in October (originally a 1.7 percent m-o-m decrease).

Economists had expected pending home sales to increase 1.0 percent m-o-m in November.

On y-o-y basis, the index climbed 7.4 percent after a 4.4 percent surge in October.

According to the report, the regional indices had mixed m-o-m results in November. The Northeast PHSI edged down 0.1 percent m-o-m to 96.3 in November, 2.6 percent higher than a year ago. In the Midwest, the index rose 1.0 percent m-o-m to 102.5 last month, 5.0 percent higher than in November 2018. Pending home sales in the South fell 0.2 percent m-o-m to an index of 125.0 in November, a 7.7 percent jump from last November. The index in the West grew 5.5 percent m-o-m in November to 98.4, a climb of 14.0 percent from a year ago.