Although pending home sales took a slight 0.3% decrease in December, only one of the major regions experienced a setback in signings, while the remaining regions experienced gains or remained consistent. Meanwhile, the pending home sales still hit a record-breaking 125.5, being the highest recorded index for December. Compared to last year, contract signings increased by 21.4%, and all major regions experiencing double-digit gains.
NAR’s Chief Economist Lawrence Yun explains, “pending home sales contracts have dipped during recent months, but I would attribute that to having too few homes for sale.” The demand for housing is there, the buyers are there, but there are just not enough homes. Further boosting home prices and “putting pressure on prices for the foreseeable future,” according to Yun.
Information Provided by NAR – View Original Article Here
Pending home Sales inch BACK 0.3% in December. (2021, January 29). Retrieved February 08, 2021, from https://www.nar.realtor/newsroom/pending-home-sales-inch-back-0-3-in-december