Morning Minute: Pending home sales dip in December, but remain higher than a year ago

A tighter supply of housing inventory is impacting U.S. pending home sales which were down 4.3 percent in December compared to a month before but remained 6.9 percent higher than a year ago, according to the latest Pending Home Sales Index released today by the National Association of REALTORS® (NAR).

Despite the smaller inventory in some areas of the country, NAR Chief Economist Lawrence Yun said pent-up demand from buyers and affordable market conditions are good signs and he expects home sales to increase by 9 percent this year.

“The supply limitation appears to be the main factor holding back contract signings in the past month. Still, contract activity has risen for 20 straight months on a year-over-year basis,” he said. “Buyer interest remains solid, as evidenced by a separate REALTOR® survey which shows that buyer foot traffic is easily outpacing seller traffic.”

Read today’s news release from NAR and watch a new video with Yun.

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About Stephanie Sievers

Stephanie Sievers is Senior Editor for the Illinois Association of REALTORS®. She serves as Senior Editor for IAR publications including the Illinois REALTOR® magazine and all other IAR publications. She is responsible for developing content for the Illinois REALTOR® Weekly Connection e-newsletter, coordinates the IAR Twitter account content at ILREALTOR and plans and develops content for videos. She assists in developing and writing content for the IAR blog. She also is involved in researching and drafting news releases and coordinates the news media distribution database and newsclips reports for the Association. She also assists in IAR spokesperson training seminars and is involved in development of association briefing materials on issues. She assists with the housing statistics program and reports.