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Pending home sales drop in December

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(Read caption) This chart shows the seasonally adjusted national pending home sales index along with the percent change on a year-over-year basis as well as the percent change from the peak set in 2005.

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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."


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