- Huntington Council Reduces Top Police Ranks
- Washington D.C. To Hold Massive "Coordinated Terror Attack" Drill This Wednesday
- Saturday Tsubasacon Cosplay Contest and Skits
- Friday Tsubasacon 2016 IMAGES Cosplay
- Alleged Drug Suppliers, Prostitutes Rounded Up in Huntington
- Iceland knows how to stop teen substance abuse; No one else listening
- Tale of Two Keiths; Keith Albee (and sis) Still Need You
- Hot Humid Natsu 2016 Prepares for Fall Con IMAGES
- Casto to speak at Library lunch
- Huntington Clarifies Purposes of America's Best Community Contest and Winnings ; General Fund Not Recipient
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.