NEW YORK (Reuters) – Pending U.S. home sales shot up in December by the most since June 2020, a report showed on Friday, indicating prospective buyers may be getting drawn from the sidelines by stabilizing mortgage rates.
The National Association of Realtors Pending Home Sales index rose 8.3% to 77.3, rebounding from a downwardly revised record-low of 71.4 in November. A poll by Reuters showed economists expected a 1.5% increase.
On a year-over-year basis, pending home sales have risen 1.3%.
“The housing market is off to a good start this year, as consumers benefit from falling mortgage rates and stable home prices,” said Lawrence Yun, chief economist at the NAR. “Job additions and income growth will further help with housing affordability, but increased supply will be essential to satisfying all potential demand.”
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