Existing home sales slowed in December
Pending home sales dropped 3.5 percent since November, but increased 5.5 percent above December 2010 levels.
Today, the National Association of Realtors (NAR) released their Pending Home Sales Report for December showing that home sales slowed with the seasonally adjusted national index dropping 3.5% since November while increasing 5.57% above the level seen in December 2010.Skip to next paragraph
Writer, The PaperEconomy Blog
'SoldAtTheTop' is not a pessimist by nature but a true skeptic and realist who prefers solid and sustained evidence of fundamental economic recovery to 'Goldilocks,' 'Green Shoots,' 'Mustard Seeds,' and wholesale speculation.
Subscribe Today to the Monitor
Meanwhile, the NARs chief economist Lawrence Yun suggests that the rise in contract activity still remains high compared with the past few years and that homebuyers are persistent even in light of notable contract failures.
"Even with a modest decline, the preceding two months of contract activity are the highest in the past four years outside of the homebuyer tax credit period, ... Contract failures remain an issue, reported by one-third of Realtors® over the past few months, but home buyers are not giving up."
The above chart shows the seasonally adjusted national pending home sales index along with the percent change on a year-over-year basis as well as the percent change from the peak set in 2005 (click for larger version).
The Christian Science Monitor has assembled a diverse group of the best economy-related bloggers out there. Our guest bloggers are not employed or directed by the Monitor and the views expressed are the bloggers' own, as is responsibility for the content of their blogs. To contact us about a blogger, click here.To add or view a comment on a guest blog, please go to the blogger's own site by clicking on paper-money.blogspot.com.