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The National Association of Realtors is reporting that pending home sales fell 5.5% in in December, 2024, following four consecutive months of increases. The NAR’s Pending Home Sales Index (a forward-looking indicator based on contract signings) came in at 74.2 in December. The NAR says this drop wasn’t surprising.
“After four straight months of gains in contract signings, one step back is not welcome news, but it is not entirely surprising…Economic data never moves in a straight line. High mortgage rates have not significantly dented housing demand due to greater numbers of cash transactions Said the NAR’s Chief Economist, Lawrence Yun.
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