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NAR Report: Pending Home Sales Down, Existing Sales Still Soaring

January 31st, 2014 | by Michelle
4222 Cochran Chapel Road- Briggs Freeman Sotheby's luxury home for sale in Dallas Fort Worth- exterior

This Highland Park beauty at 4222 Cochran Chapel Road has a stunning two-story entry and a master suite that includes a wood-burning fireplace and a gorgeous view of the back yard. Photo / Briggs Freeman Sotheby’s International Realty
The National Association of Realtors reported this week that pending home sales were down in December, likely because the nasty weather popping up around the country cut off home shopping in many regions.

The NAR’s Pending Home Sales Index showed that contract signings fell 8.7 percent to 92.4 in December, down from 101.2 in November. That’s also 8.8 percent down year-over-year.

“Unusually disruptive weather across large stretches of the country in December forced people indoors and prevented some buyers from looking at homes or making offers,” said Lawrence Yun, NAR chief economist. “Home prices rising faster than income is also giving pause to some potential buyers, while at the same time a lack of inventory means insufficient choice. Although it could take several months for us to get a clearer read on market momentum, job growth and pent-up demand are positive factors.”

The NAR will release the January Pending Home Sales Index on Feb. 28.

The news comes of the heels of the NAR’s December Existing Homes Sales Report, which showed that sales were up slighting for the month and up significantly for the year.

From the report:

“Total existing-home sales, which are completed transactions that include single-family homes, townhomes, condominiums and co-ops, increased 1.0 percent to a seasonally adjusted annual rate of 4.87 million in December from a downwardly revised 4.82 million in November, but are 0.6 percent below the 4.90 million-unit level in December 2012.

“For all of 2013, there were 5.09 million sales, which is 9.1 percent higher than 2012. It was the strongest performance since 2006 when sales reached an unsustainably high 6.48 million at the close of the housing boom.”

NAR releases the next Existing Home Sales Report on Feb. 21.

Serving the Metroplex from our office at 5600 Lovers Lane, Suite 224, Dallas, Texas  75209. For more beautiful homes, see briggsfreeman.com. Also see updatedallas.com for the latest in real estate news. CEO Robbie Briggs independently owns and operates Briggs Freeman Sotheby’s International Realty.

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