The National Association of Realtors is reporting that pending home sales were up 2.5% in December, 2022 – the first time since May that the index has improved. The NAR’s Pending Home Sales Index (a forward-looking indicator based on contract signings) increased to 76.9 in December. The NAR says mortgage rates are the dominate factor driving sales. Indeed…
“This recent low point in home sales activity is likely over…Mortgage rates are the dominant factor driving home sales, and recent declines in rates are clearly helping to stabilize the market….The new normal for mortgage rates will likely be in the 5.5% to 6.5% range” Said the NAR’s Chief Economist, Lawrence Yun.
Click here to read the full report at the National Association of Realtors.
