Pending home sales increased in December, an indication that lower mortgage rates may be bringing buyers back into the market.
The National Association of Realtors (NAR) announced Friday that home contract signings rose 8.3% last month, compared to November.
“The housing market is off to a good start this year, as consumers benefit from falling mortgage rates and stable home prices,” said Lawrence Yun, NAR chief economist. “Job additions and income growth will further help with housing affordability, but increased supply will be essential to satisfying all potential demand.”
NAR is projecting that existing-home sales will increase 13% in 2024 and 15.8% in 2025 (from 2024).
See other articles related to: pending home sales
This article originally published at https://dc.urbanturf.com/articles/blog/pending_home_sales_pop_in_december/21904.
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