November's pending home sales remained flat from the previous month, indicating that elevated mortgage rates are still impacting the U.S. housing market. Despite falling mortgage rates, there was no significant increase in buyers entering the market. Economists expect improvements as rates continue to decline. The National Association of Realtors' Pending Home Sales Index (PHSI) stayed at historically low levels, down 5.2% from the previous year. Housing inventory remains limited, with buyers opting for new construction due to low rates.