Pending home sales in the us slowed in december, latest data shows

After reaching a 19 month high, pending home sales in the United States eased in December but stayed above year ago levels, according to the latest figures from the National Association of Realtors.

Its Pending Homes Sales Index, a forward looking indicator based on contract signings, declined 3.5% to 96.6 in December from 100.1 in November but is 5.6% above December 2010 when it was 91.5.

But Lawrence Yun, NAR chief economist, said that the trend line remains positive. ‘Even with a modest decline, the preceding two months of contract activity are the highest in the past four years outside of the homebuyer tax credit period,’ he explained.

‘Contract failures remain an issue, reported by one third of realtors over the past few months, but home buyers are not giving up,’ he added.

Source: Property Wire.com