Pending home sales drop in December
Today, the聽聽(NAR) released their聽聽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.聽
Meanwhile, the NARs chief economist Lawrence Yun suggests that while supply limitations may be聽negativity聽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."
