Here Comes Pending Home Sales...

Pending home sales for November are out at 10 a.m. ET.

Economists polled by Bloomberg are looking for pending home sales to rise 0.1% year-over-year (YoY) and 1% on the month.

This compares with a 2.2% YoY fall in October, and a 0.6% month-over-month fall.

Pending home sales have been falling for four straight months on account of tighter inventory, declining affordability, and elevated mortgage rates. The index is considered to be a leading indicator for future existing home sales.

The Commerce Department expects that 80% of signings will become existing home sales transactions within two months.