Pending home sales fell 3.7 percent in December against expectations for a slight gain. The decline was spread across all regions. The year-over-year trend, however, remains in positive territory.
Pending Sales Trend Remains Intact
- The Pending Home Sales index declined sharply, falling 3.7 percent. It appears pending sales are losing some of the momentum gathered in 2014. Low volume during the winter increases volatility in the already-volatile series.
- Year over year, pending sales increased 8.5 percent. The index rose 3.5 percent year over year on a three-month moving average basis, indicating a continued positive trend.
Modest Growth in Existing Home Sales Likely
- Pending home sales typically lead existing home sales by two months. The deceleration we are experiencing in pending sales may indicate more modest existing home sales numbers moving forward. That said, we are still expecting existing home sales to improve in 2015.
- The index decreased in all regions on the month. Year over year, however, the South led the way, increasing 10.6 percent.
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