Latest from Economic Data

Photo 7507349 / cornelius20 / Dreamstime.com
construction_landscape_photo_7507349__cornelius20_
For the 12 months ending March 2025, total construction starts were up +4% from the 12 months ending March 2024.
May 9, 2025
Electrical Market Business Conditions & Pricing Trends
In this podcast you can check out distributors' forecasts in the latest EW/VRP Electrical Marketing Business Conditions survey and some fresh pricing data from Electrical Marketing...
April 23, 2025
© Endeavor Business Media / Jim Lucy
san_francisco_convention_centerskyline1920
Economic indicators that measure the health of the electrical market.
April 23, 2025
Miguel_figueroa / Dreamstime.com
port_of_los_angeles_dreamstime_miguel_figueroa__19
Electrical market business conditions in 1Q 2025 had not yet felt the full impact of tariffs, according to the latest Electrical Wholesaling/Vertical Research Partners survey
April 23, 2025
© Endeavor Business Media
ewchampionpodcasttitleslide04112025
The audio-only version of Episode 117 of the Today’s Electrical Economy podcast series sponsored by Champion Fiberglass explores the impact of tariffs on electrical stocks & looks...
April 11, 2025
Trump's Tariffs Slam Electrical Stocks
A look at tariffs and hot metros for home builders in this podcast.
April 11, 2025
© Endeavor Business Media / Jim Lucy
san_francisco_convention_centerskyline1920
Photo 7616826 / W.Scott McGill / Dreamstime.com
wall_streetbullbear_photo_7616826__w
The long-term impact of tariffs is still unclear, but they are already the #1 topic in the electrical market.
April 11, 2025
© Endeavor Business Media / Jim Lucy
tee_032502025promo
Need a quick read on which local areas are showing signs of growth? Our audio-only version of Episode 116 of the Today’s Electrical Economy podcast series sponsored by Champion...
March 27, 2025

Pending Home Sales Slip Again in November

All four major regions sustained a drop when compared to one year ago, with the West taking the brunt of the decrease.
Jan. 18, 2019
2 min read
Getty Images / Justin Sullivan
Home construction, Getty Images

Pending home sales overall slipped in November, but saw minor increases in the Northeast and the West, according to the National Association of Realtors (NAR).

The Pending Home Sales Index, a forward-looking indicator based on contract signings, decreased 0.7% to 101.4 in November, down from 102.1 in October. However, year-over-year contract signings dropped -7.7%, making this the eleventh straight month of annual decreases. Home sales are a good leading indicator to track because when inventory levels rise, there isn’t as much demand for the construction of new homes.

Lawrence Yun, NAR chief economist, cited year-over-year increases in active listings from data at realtor.com to illustrate a potential rise in inventory. Denver-Aurora-Lakewood, CO; Seattle-Tacoma-Bellevue, WA; San Francisco-Oakland-Hayward, and San Diego-Carlsbad, CA; and Providence-Warwick, RI; saw the largest increases in active listings in November compared to a year ago.

Yun said in the press release that the current sales numbers don’t fully take into account other data. “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,” he said.

All four major regions sustained a drop when compared to one year ago, with the West taking the brunt of the decrease. “The West crawled back lightly, but is still experiencing the biggest annual decline among the regions because of unaffordable conditions,” Yun added.

Yun said affordability issues in the West deserve part of the blame for the drop in sales. Home prices in the West region have risen too much, too fast, according to Yun. “Land cost is expensive, and zoning regulations are too stringent. Local officials should consider ways to boost local supply; if not, they may see population migrating to neighboring states and away from the West Coast.

 “Home sales in 2018 look to close out the year with 5.3 million home sales, which would be similar to that experienced in the year 2000. But given the 17 million more jobs now compared to the turn of the century, home sales are clearly underperforming today. That also means there is steady longer-term growth potential.”