Pending home sales decreased by 0.3 percent in December, according to the National Association of REALTORS® (NAR) Pending Home Sales Index (PHSI), which came in at 125.5. However, year-over-year, contract signings have jumped 21.4 percent, and for December, this is still the highest ever registered.
Regionally, activity declined in one of the four major areas (the Midwest), while activity climbed (in the Northeast and South) or remained flat (in the West) in the other three.
Regional Breakdown:
Northeast
+3.1% MoM – Now 112.0 PHSI
+22.1% YoY
Midwest
-3.6% MoM – Now 111.7 PHSI
+13.9% YoY
South
+0.1% MoM – Now 150.6 PHSI
+26.6% YoY
West
Unchanged MoM – 113.3 PHSI
+19.9% YoY
What the Industry Is Saying:
“Pending home sales contracts have dipped during recent months, but I would attribute that to having too few homes for sale. There is a high demand for housing and a great number…
