The National Association of Realtors reported a 2.2 percent increase in its widely followed index of pending home sales.

The National Association of Realtors said pending homes sales in the U.S. grew for the fourth straight month to return to the highest level since early 2023.

November was the fourth consecutive month that pending home sales increased, this time by 2.2%. This comes after a 24-month period during which the mortgage rates averaged above 6% and last month’s median home price was $406,

Pending sales of US homes increased for a fourth month in November to the highest level since early 2023 as homebuyers gave up hopes for lower borrowing costs. A National Association of Realtors measure of contract signings rose 2.