Pending home sales rose slightly higher in December — up 0.1 percent compared to November — and showed stronger gains year-over-year with an increase of 4.2 percent compared to December 2014, according to the National Association of REALTORS® (NAR). NAR Chief Economist Lawrence Yun said lower housing inventory, price appreciation, improving labor market conditions and mortgage rates will impact the housing market in the months to come. Read more and watch a new video with Yun.
“The silver lining from the market turmoil in recent weeks is the fact that mortgage rates have slightly declined,” Yun said. “Buyers looking to close on a home before the spring buying season begins may be rewarded with a mortgage rate at or below 4 percent.”
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