U.S. Pending Home Sales Decreased Again in December -- NAR
January 27 2022 - 10:29AM
Dow Jones News
By Xavier Fontdegloria
The number of houses going under contract in the U.S. declined
in December for the second consecutive month, according to data
from the National Association of Realtors released Thursday. Here
are the report's main takeaways:
--The Pending Home Sales Index, a leading indicator of home
sales based on contract signings, decreased 3.8% to 117.7 in
December compared with the previous month.
--Economists polled by The Wall Street Journal expected sales to
fall 0.8%.
--Pending home sales in December were 6.9% below the level
registered the same month a year earlier.
--"Pending home sales faded toward the end of 2021, as a
diminished housing supply offered consumers very few options," said
Lawrence Yun, NAR's chief economist. The market will likely endure
a minor reduction in sales as mortgage rates continue to edge
higher, he said.
--All four major U.S. regions registered drops in contract
transactions. The index fell by a sharp 10% on-month in the West,
while declines were less steep in the other regions. Signings
declined by 3.7% in the Midwest, by 1.8% in the South, and by 1.2%
in the Northeast.
Write to Xavier Fontdegloria at xavier.fontdegloria@wsj.com
(END) Dow Jones Newswires
January 27, 2022 10:14 ET (15:14 GMT)
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