By Jann Swanson | Mortgage News Daily
Pending home sales finished off the year in a more upbeat tune. Although the December gain in sales, reported on Wednesday by the National Association of Realtors® (NAR) was a slim one, it made three consecutive monthly gains for the leading indicator. NAR warned however that it expects existing home sales and price growth to moderate, primarily because of the expected impact of the new tax laws in high cost housing markets.
NAR’s Pending Home Sales Index (PHSI) rose 0.5 percent to 110.1 in December, from an upwardly revised (from 109.5) 109.6 in November. The index is now 0.5 percent higher than in December 2016. It was the highest level for the PHSI since it hit 111.3 last March.
