Pending home sales drop in December(Read article summary)
Pending home sales fell 4.3 percent in December 2012, according to the National Association of Realtors, but increased 6.9 percent above the pending home sales level seen in December 2011.
Today, the National Association of Realtors (NAR) released their Pending Home Sales Report for December showing that pending home sales declined notably with the seasonally adjusted national index falling 4.3% from November but increasing 6.9% above the level seen in December 2011.
Meanwhile, the NARs chief economist Lawrence Yun suggests that while supply limitations may be negativity influencing contract activity, buyer foot traffic is strong:
"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 ... Buyer interest remains solid, as evidenced by a separate Realtor survey which shows that buyer foot traffic is easily outpacing seller traffic."