December Pending Home Sales at Highest Level Since March

Pending home sales increased 0.5 percent in December, making it the third consecutive month of increases, and reached their highest level since March, according to the National Association of Realtors.

NAR’s Pending Home Sales Index was at 110.1 in December, an increase from an upwardly revised level of 109.6 in November. The increase puts the index up 0.5 percent over a year ago.

Lawrence Yun, NAR chief economist, cautioned that plentiful jobs, climbing wages and the prospect of higher interest rates may not lead to stronger sales. “Buyers throughout the country continue to be hamstrung by record low supply levels that are pushing up prices—especially at the lower end of the market,” he said in a statement.