US Pending Home Sales Pickup In December

Published by: Mike Goldman on 27th Jan 2011 | View all blogs by Mike Goldman

US Pending Home Sales Pickup In December

The National Association of Realtors released its report on pending US home sales for December Thursday, based on purchase contracts signed during the month. The index rose 2 percent in the month to a reading of 92.7, beating analysts' expectations of a 1 percent increase. The index is still 4.2 percent below a reading of 97.8 from last December.

The gain in pending sales, considered a key indicator of future sales activity, was the fifth in the last six months. The rise is attributed to a pickup in sales of existing homes. The data indicates signed contracts to buy homes, rather than closings, which typically occurr one or two months after a contact is signed.

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