Pending home sales decreased 5.5% in December 2024 to a level of 74.2 on the National Association of Realtors Pending Home Sales Index. Compared with December 2023, pending home sales declined 5.0%.
On a regional month-over-month breakdown, the Northeast PHSI fell 8.1%, the Midwest index decreased 4.9%, the South decreased 2.7% and the West decreased 10.3%.
“After four straight months of gains in contract signings, one step back is not welcome news, but it is not entirely surprising,” NAR Chief Economist Lawrence Yun said in a statement. “Economic data never moves in a straight line. High mortgage rates have not significantly dented housing demand due to greater numbers of cash transactions.”
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