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Pending Home Sales up 4.6% YOY

Pending Home Sales, which measures signed contracts on existing homes and is a good leading indicator for Existing Home Sales, were down 4.9% in December. This reading was weaker than expectations of a slight gain. Year over year, Pending Home Sales are still up 4.6%. The National Association of Realtors said that the reason for the drop in signed contracts was not demand, but a lack of inventory.
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