Pending home sales declined in December but have stayed above
year-ago levels for 20 consecutive months, according to the National
Association of REALTORS®.
The Pending Home Sales Index (a forward-looking indicator based on contract signings) fell 4.3 percent to 101.7 in December from 106.3 in November but is still 6.9 percent higher than December 2011 when it was 95.1!
“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,” he says. “Buyer interest remains solid, as evidenced by a separate Realtor® survey which shows that buyer foot traffic is easily outpacing seller traffic.” According to Lawrence Yun, NAR chief economist.
The tighter inventories, higher demand for homes and favorable affordability conditions are strengthening the upcoming housing market outlook! We expect a seasonal rise of inventory in the spring to help, but a seller’s market may be developing!!
That is great news for this years economy!
The Pending Home Sales Index (a forward-looking indicator based on contract signings) fell 4.3 percent to 101.7 in December from 106.3 in November but is still 6.9 percent higher than December 2011 when it was 95.1!
“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,” he says. “Buyer interest remains solid, as evidenced by a separate Realtor® survey which shows that buyer foot traffic is easily outpacing seller traffic.” According to Lawrence Yun, NAR chief economist.
The tighter inventories, higher demand for homes and favorable affordability conditions are strengthening the upcoming housing market outlook! We expect a seasonal rise of inventory in the spring to help, but a seller’s market may be developing!!
That is great news for this years economy!
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