Pending home sales declined 3.8% in December to a level of 117.7 on the Pending Home Sales Index, the National Association of Realtors reported.
Pending home sales declined 3.8% in December to a level of 117.7 on the Pending Home Sales Index, the National Association of Realtors reported.
Year-over-year, pending home sales declined 6.9%. Index levels of 100 are equal to the level of contract activity in 2001, according to NAR.
Regionally, pending home sales declined 1.2% in the Northeast, 3.7% in the Midwest, 1.8% in the South and 10.0% in the West. NAR cited a “diminished” housing supply as a cause of the declines.
“Mortgage rates have climbed steadily the last several weeks, which unfortunately will ultimately push aside marginal buyers,” NAR Chief Economist Lawrence Yun added.
The full NAR report can be found here.