Pending Home Sales Fall in December

The National Association of Realtors® (NAR) has reported that their Pending Home Sales Index (PHSI), slipped <-4.9%> in December, after increasing slightly in November. All 4 reporting zones reported a drop in month-over-month contract signings. However, when compared to a year ago, pending home sales are up nationally and in all regions. The PHSI is a leading indicator of housing activity, measures housing contract activity, and is based on signed real estate contracts, not actual closings, for existing single-family homes, condos, and co-ps.