FXstreet.com (Barcelona) - Pending home sales have posted a strong increase in the U.S. in December, for the first time in the last five months, as buyers took advantage of the improved affordability conditions, according to data released by the National Association of Realtors.
Pending home sales have increased 6.3% in December, following a 3.7% decline in November, revised upwards from the 4% fall previously estimated. December's Increase has beaten the experts' expectations who had advanced a flat performance. Year on year, pending home sales have increased 2.1%.
According to Lawrence Yun, NAR chief economist, December's increase has to do with a mix of favourable market conditions for the buyer: The monthly gain in pending home sales, spurred by buyers responding to lower home prices and mortgage interest rates, more than offset an index decline in the previous month, he said. The biggest gains were in areas with the biggest improvements in affordability.