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1/27, 4:00 PM (Source: TeleTrader)
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US pending home sales drop 3.8% in December

Pending home sales in the United States decreased 3.8% in December month on month, the National Association of Realtors (NAR) said on Thursday. The Pending Home Sales Index stood at 117.7.

On an annual basis, the index reading was 6.9% lower than in December 2020.

"Pending home sales faded toward the end of 2021, as a diminished housing supply offered consumers very few options," Lawrence Yun, NAR chief economist, stated. "Mortgage rates have climbed steadily the last several weeks, which unfortunately will ultimately push aside marginal buyers," he added.

Baha Breaking the News (BBN) / NP