According to NAR, contracts for pending sales of previously owned homes rose faster, up 2% than expected in December after the prior month's sales were revised lower.
The National Association of Realtors Pending Home Sales Index, based on contracts signed in December, was up 2 percent to 93.7 from a downwardly revised reading of 91.9 in November.
However here are concerns:
increase from October. (It was reported 3.5% increase before.)
That means, even though we are seeing some improvement, this trend may not be sustainable and could head back south. And the level is still at or close to the bottom.
No wonder that houses remain unsold for 8-10 months on the average in the local Brooklyn NY market.
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