Pending Home Sales Rose 8.3 Percent In December As Mortgage Rates Softened –The Washington Post

The Washington Post

Pending home sales increased 8.3 percent in December as home buyers benefited from softer mortgage rates, the National Association of Realtors® said Friday, providing yet another sign of a strong economy going into 2024. The NAR’s pending home sales index tracks housing market activity based on signed contracts for single-family homes, condos and co-ops. The index increased to 77.3 in December compared to 71.4 the month before, according to NAR — a reading of 100 roughly equals housing market activity in 2001. The stronger buying activity was driven by gains in the Midwest, South and West, while the Northeast declined compared to the prior year. “The housing market is off to a good start this year, as consumers benefit from falling mortgage rates and stable home prices,” NAR chief economist Lawrence Yun said in a press release.

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