Quantcast
News

NAR: Pending Home Sales Index Drops 4.3% to 101.7 in December

Pending home sales fell 4.3% to an index reading of 101.7 in December, after a downwardly revised 1.6% increase to 106.3 in November, according to a report released Monday by the National Association of Realtors.

Economists polled by Thomson Reuters predicted that the index would be up 0.3%.

November's rise was initially reported as 1.7% to 106.4.

An index of 100 is equal to the average level of contract activity during 2001.

Year-over-year the pending homes sales index is up 6.9% from last December, when the index was 95.1.

Regionally, pending sales were mostly lower. The Northeast saw a 5.4% decrease to 78.8, while sales rose 0.9% in the Midwest to 104.8. In the South, sales fell 4.5% to 111.5, and sales slid 8.2% to 101.0 in the West.

"The supply limitation appears to be the main factor holding back contract signings in the past month. Still, contract activity has risen for 20 straight months on a year-over-year basis," NAR Chief Economist Lawrence Yun said. "Buyer interest remains solid, as evidenced by a separate Realtor survey which shows that buyer foot traffic is easily outpacing seller traffic."

JOIN THE DISCUSSION

SEE MORE IN

Comments (0)

Be the first to comment on this post using the section below.

Add Your Comments:
Not Registered?
You must be registered to post a comment. Click here to register.
Already registered? Log in here
Please note you must now log in with your email address and password.

Upcoming Events

Already a subscriber? Log in here
Please note you must now log in with your email address and password.