Pending Home Sales Suffer Largest Drop of Year

The rate at which contracts were signed to purchase homes was down slightly
in December the National Association of Realtors® (NAR) said today.  Even though buyers were looking at the lowest
interest rates of the year NAR’s Pending Home Sales Index (PHSI) was down 3.7
to 100.7 from the November level of 104.6.  This was the largest decline in the Index
since December 2013 when it dropped 5.8 percent.

Despite the monthly number NAR said that the PHSI, a forward-looking
indicator of sales, closed out the year 6.1 percent higher than at the same
time in 2013, the highest annual gain since it rose 11.7 percent from June 2012
to June 2013.


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