The National Association of Realtors’ Pending Home Sales Index fell 3.5 percent in December but remains 5.6 percent above the previous year’s level. Lawrence Yun, NAR’s chief economist, says the trend line remains positive despite the dip. According to Yun, the preceding two months of contract activity were the highest in the past four years, which suggests December’s decline won’t endanger recent gains in home sales. Pending sales, which indicate contract signings not closings, were up in the Midwest but decreased in the Northeast, South, and West. More here.

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