December Contracts To Buy Hit Record High

December isn’t typically a popular month with home buyers. And while there are many reasons for this, last year, buyers largely ignored them. In fact, there were more buyers who signed contracts to buy homes during the month than ever before. According to the National Association of Realtors’ Pending Home Sales Index, contracts to buy hit an all-time high for the month, even though they fell slightly from November. Lawrence Yun, NAR’s chief economist, says there’s no shortage of interested home buyers. “Pending home sales contracts have dipped during recent months, but I would attribute that to having too few homes for sale,” Yun said. “There is a high demand for housing and a great number of would-be buyers, and therefore sales should rise with more listings.” In short, buyer demand has been elevated for a while now and will likely continue to be as we approach the spring and summer sales season. Yun believes, with rates expected to stay low and the economy poised to improve, this year’s market will see more new homes built, more sales than last year, and slower home-price appreciation. (source)

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