Pending home sales rose 8.3% in December, with contract signings reaching 77.3 on the National Association of Realtors Pending Home Sales Index. Year-over-year, pending home sales increased 1.1%.
“The housing market is off to a good start this year, as consumers benefit from falling mortgage rates and stable home prices,” stated Lawrence Yun, NAR chief economist. “Job additions and income growth will further help with housing affordability, but increased supply will be essential to satisfying all potential demand.”
Pending home sales increased 5.6% in the Midwest, 11.9% in the South and 14.0% in the West. Pending home sales in the Northeast fell 3.0%.
The full NAR report can be found here.
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