Pending Home Sales Decline
The Pending Home Sales Index fell 4.3 percent to 101.7 in December from 106.3 in November, the National Association of Realtors said yesterday. The index, which reflects contracts but not closings on existing homes, is still 6.9 percent higher than the 95.1 it posted in December 2011.
“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.”
---ABA Daily Newsbytes
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