Pending Home Sales Decrease Due to Abnormal Weather
Pending home sales measurably dropped in December, with abnormal weather partly inhibiting home shopping in much of the U.S., according to the National Association of Realtors (NAR). Declines were experienced in all four major regions.
The Pending Home Sales Index, a forward-looking indicator based on contract signings, fell 8.7% to 92.4 in December from a downwardly revised 101.2 in November, and is 8.8% below December 2012 when it was 101.3. The data reflect contracts but not closings, and are at the lowest level since October 2011, when the index was 92.2.