Pending Home Sales Up Over Last Year

Washington, DC, Jan. 25, 2012 -- Pending home sales fell 3.5% in December after hitting a 19-month high in November, according to the National Association of Realtors.

The index declined to 96.6, which was still 5.6% above December 2010 levels.

"Even with a modest decline, the preceding two months of contract activity are the highest in the past four years outside of the homebuyer tax credit period," said Lawrence Yun, NAR's chief economist, in a press release.