Contracts to purchase previously owned homes in the U.S. plunged in December by the most since May 2010 as higher borrowing costs and bad weather held back sales.
A gauge of pending home sales slumped 8.7 percent after a revised 0.3 percent drop in November, the National Association of Realtors said Thursday in Washington.
Tight inventory and unusually cold weather discouraged prospective buyers, according to the group.
This number shows that the US Housing Market is NOT out of the woods yet, still bumpy roads are expected ahead.
In this environment, it is still hard to sell your house quickly.
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