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| Pix: papereconomy.com |
Today, the National Association of Realtors (NAR)
released their Pending
Home Sales Report for December 2013 showing that pending home sales
plunged with the seasonally adjusted national index dropping a whopping 8.7%
from November and falling 8.8% below the level seen in December 2012.
Meanwhile, the NARs chief economist Lawrence Yun is blaming
weather, rising home prices and low inventory for the slumping results:
"Unusually disruptive weather across large stretches
of the country in December forced people indoors and prevented some buyers from
looking at homes or making offers, ... Home prices rising faster than income is
also giving pause to some potential buyers, while at the same time a lack of
inventory means insufficient choice. Although it could take several months for
us to get a clearer read on market momentum, job growth and pent-up demand are
positive factors."
The following 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.
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Source: Paper Economy Blog -www.papereconomy.com
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