Although Pending Sales Up, NAR Warns of Tax Law Implications


Posted To: MND NewsWire

Pending home sales finished off the year in a more upbeat tune. Although the December gain in sales, reported on Wednesday by the National Association of Realtors® (NAR) was a slim one, it made three consecutive monthly gains for the leading indicator. NAR warned however that it expects existing home sales and price growth to moderate , primarily because of the expected impact of the new tax laws in high cost housing markets. NAR’s Pending Home Sales Index (PHSI) rose 0.5 percent to 110.1 in December, from an upwardly revised (from 109.5) 109.6 in November. The index is now 0.5 percent higher than in December 2016. It was the highest level for the PHSI since it hit 111.3 last March. Analysts nailed the number with their forecasts. Those polled by Econoday predicted increases in the range…(read more)

Forward this article via email:  Send a copy of this story to someone you know that may want to read it.

Show Buttons
Hide Buttons