Pending home sales in December fell 4.9% from the prior month, the largest decline in almost a decade, according to a report Wednesday from the National Association of Realtors.
The seasonally adjusted index measuring signed contracts fell because of a shortage of homes on the market, according to Lawerence Yun, NAR’s chief economist. It was the largest drop since May 2010, according to the data.
“The state of housing in 2020 will depend on whether homebuilders bring more affordable homes to the market,” Yun said. “Home prices and even rents are increasing too rapidly, and more inventory would help correct the problem and slow price gains.”
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