The National Association of Realtors is reporting that pending home sales were up slightly in December, 2020. The NAR’s Pending Home Sales Index (a forward-looking indicator based on contract signings) fell slightly to 125.5, the fourth straight month of declines. In addition, they report that year-over-year contract signings were up 21.4% with all regions seeing double-digit year-over-year increases. Once again, like a broken record, we find a lack of inventory influencing the market….
“Pending home sales contracts have dipped during recent months, but I would attribute that to having too few homes for sale,” said Lawrence Yun, NAR’s chief economist. “There is a high demand for housing and a great number of would-be buyers, and therefore sales should rise with more new listings.”