Pending Home Sales Suffer Largest Drop of Year

By Jann Swanson

Posted To: MND NewsWire

The rate at which contracts were signed to purchase homes was down slightly in December the National Association of Realtors® (NAR) said today. Even though buyers were looking at the lowest interest rates of the year NAR’s Pending Home Sales Index (PHSI) was down 3.7 percent to 100.7 from the November level of 104.6. This was the largest decline in the Index since December 2013 when it dropped 5.8 percent. Despite the monthly number NAR said that the PHSI, a forward-looking indicator of sales, closed out the year 6.1 percent higher than at the same time in 2013, the highest annual gain since it rose 11.7 percent from June 2012 to June 2013. Lawrence Yun, NAR chief economist, says fewer homes available for sale and a slight acceleration in prices likely led to December’s decline…(read more)

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