“The Pending Home Sales Index, a forward-looking indicator based on contract signings, decreased 2.2 percent to 99.0 in December, down from 101.2 in November,” the National Association of Realtors reported on Wednesday.
Key takeaways from the press release
- Year-over-year contract signings fell 9.8 percent, making this the twelfth straight month of annual decreases.
- The stock market correction hurt consumer confidence, record high home prices cut into affordability and mortgage rates were higher in October and November for consumers signing contracts in December.
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