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US Pending Home Sales Fell 5.5% in December
Pending home sales retracted 5.5% in December – following four consecutive months of increases – according to the National Association of REALTORS®. All four U.S. regions experienced month-over-month losses in transactions, with the most significant fall in the West. Year-over-year, contract signings reduced in all four U.S. regions, with the Midwest seeing the largest decrease. The Pending Home Sales Index (PHSI)* – a forward-looking indicator of home sales based on contract signings – slid 5.5% to 74.2 in December. Year-over-year, pending transactions declined 5.0%. Last year’s cyclical low point ... (full story)
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