NAR released a summary of pending home sales data showing that December’s pending home sales made a comeback and are up 1.6 percent from last month and also up 0.3 percent from a year ago.
Pending sales are homes that have a signed contract to purchase on them but have yet to close. They tend to lead Existing Home Sales data by 1 to 2 months.
Two of the four regions showed inclines from a year ago. The West lead with an increase of 5.0 percent followed by the South 0.5 percent. The Northeast had a decline of 1.2 percent. The Midwest had the biggest decline of 3.4 percent.
From last month, again the South and the West were the only regions to have an increase. The West has the biggest increase of 5.0 percent followed by the South with 2.4 percent. The Midwest had a decline of 0.8 percent and the Northeast had the biggest decline 1.6 percent.
The pending home sales index level was 109.0 for the US. November’s data was unrevised to 107.3.
The 100 level is based on a 2001 benchmark and is consistent with a healthy market and existing home sales above the 5 million mark.