- HPD Nets Four Controlled Substance Arrests September 23-24
- Police Execute Arrest Warrants, Arrest Suspect in Shooting Near Hospital
- Hallowed WTC Steel Relics Arrive in Huntington IMAGES
- Rooster's Hosts Princess Night with Mickey and Minnie Mouse IMAGES
- Marshall psychology doctoral degree ranked No. 2 in the U.S.
- "What the Night Can Do" begins filming in Lewisburg Sep. 26
- UPDATE: Pike County Multiple Murder Investigation; Redacted Autopsy Reports Released
- Hundreds of Nonprofit Organizations Join to Demand Reform of "Rogue" Agency
- Council Discusses Recycling Matter That County Failed to Put on Ballot
- Nostalgic Images of Ten Forgotten Huntington Venues
REALTORS: Weather Spurs Fall in December Pending Home Sales
The Pending Home Sales Index,* a forward-looking indicator based on contract signings, fell 8.7 percent to 92.4 in December from a downwardly revised 101.2 in November, and is 8.8 percent below December 2012 when it was 101.3. The data reflect contracts but not closings, and are at the lowest level since October 2011, when the index was 92.2.
NAR chief economist Lawrence Yun said several factors are working against buyers. “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,” he said. “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 PHSI in the Northeast dropped 10.3 percent to 74.1 in December, and is 5.5 percent below a year ago. In the Midwest the index declined 6.8 percent to 93.6 in December, and is 6.9 percent lower than December 2012. Pending home sales in the South fell 8.8 percent to an index of 104.9 in December, and are 6.9 percent below a year ago. The index in the West, which is most impacted by constrained inventory, dropped 9.8 percent in December to 85.7, and is 16.0 percent below December 2012.
Total existing-home sales this year should hold close to 5.1 million, essentially the same as 2013, but inventory remains limited in much of the country. The national median existing-home price is projected to rise about 5.4 percent in 2014.