-
US Pending Home Sales Rise to Cap Otherwise Disappointing Year
US pending home sales unexpectedly rose in December for the first time in seven months, wrapping up an otherwise poor year for a housing market battered by higher mortgage rates. The National Association of Realtors index of contract signings to purchase previously owned homes increased 2.5% last month to 76.9, according to a release Friday. The median estimate in a Bloomberg survey of economists called for a 1% decline. For all of last year, contract signings decreased more than 20% as demand weakened on the heels of aggressive interest-rate hikes by the Federal Reserve. Consumers’ views of homebuying conditions ... (full story)