Pending Home Sales Decline in December

Washington, DC, Jan. 29, 2015 -- Pending home sales fell 3.7% during December, although the year-over-year gain was 11.7%, the highest since June 2013, according to the National Association of Realtors.

"With interest rates at lows not seen since early 2013, the strength in existing-sales in upcoming months will largely depend on the willingness of current homeowners to realize their equity gains from the past couple years and trade up," said Lawrence Yun, chief economist of the NAR.