Pending Sales End Year on High Note

Posted To: MND NewsWire

Pending home sales recovered from the reported 2.5 percent downturn they took in November, posting an increase of 1.6 percent in December. The National Association of Realtors® (NAR) said its Pending Home Sales Index (PHSI) which is based on contracts to purchase existing homes, increased to 109.0 in December from 107.3 t he previous month. The uptick puts the index 0.3 percent higher than in December 2015 after it trailed the year-earlier figure by 0.4 percent in November. NAR had blamed last month's poor showing on buyers "dispirited" by rising rates and tight inventory. Analysts polled by Econoday had not been optimistic about the pending sales number. A consensus was for an 0.6 percent gain but estimates ranged from a negative 1.8 percent to a 1.5 percent increase. Lawrence Yun, NAR...(read more)

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