Pending Home Sales Drop on Low Inventory
Washington, DC, Jan. 28, 2013 -- Pending home sales fell 4.3% in December, according to the National Association of Realtors.
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Low inventory hurt sales, the group said.
The trade group's pending-home-sales index declined to 101.7 in December from 106.3 in November.
"Supplies of homes costing less than $100,000 are tight in much of the country, especially in the West, so first-time buyers have fewer options," said Lawrence Yun, NAR's chief economist.
"We expect a seasonal rise of inventory in the spring to help, but a seller's market may be developing."
Despite the recent decline, pending sales were 6.9% higher than during December 2011.