US Pending Home Sales Rise to Cap Otherwise Disappointing Year
- Contract signings on existing homes rose 2.5% in December
- Pending home purchases dropped more than 20% in 2022
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US pending home sales unexpectedly rose in December for the first time in seven months, wrapping up an otherwise poor year for a housing market battered by higher mortgage rates.
The National Association of Realtors index of contract signings to purchase previously owned homes increased 2.5% last month to 76.9, according to a release Friday. The median estimate in a Bloomberg survey of economists called for a 1% decline.