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Pending home sales in December elevated 8.3%, according to the National Association of REALTORS®. The Midwest, South and West posted monthly gains in transactions while the Northeast recorded a loss. The Midwest, South and West also registered year-over-year increases while the Northeast had a decline in transactions compared to last year. The Pending Home Sales Index (PHSI)* – a forward-looking indicator of home sales based on contract signings – increased to 77.3 in December. Year over year, pending transactions were up 1.3%. An index of 100 is equal to the level of contract activity in 2001. “The housing … (full story)
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Pending Home Sales Surge Most Since COVID-Lockdowns In December As Rates Tumbled
Existing home sales tumbled to record lows (SAAR) in December, but new home sales rebounded (as new home prices rose), and analysts expect pending home sales to increase modestly in December (but be down on the year). Well it did increase… spiking a ridonculous 8.3% MoM in December (from a downwardly revised 0.3%MoM decline in November). The rebound was not quite enough to turn sales green, ending -1% YoY… That was the best MoM jump since June 2020 (but the 25th month in a row of YoY declines). “The housing market is off to a good start this year, as consumers benefit from falling mortgage rates and stable home
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