Pending home sales drop sharply in December as mortgage rates surge back over 7%
Published Thu, Jan 30 202510:56 AM ESTUpdated Thu, Jan 30 202512:42 PM EST
By: Diana Olick
watch nowVIDEO00:49Pending home sales fell 5.5% in December, missing estimates
Signed contracts on existing homes dropped a sharp 5.5% in December from the previous month and fell 5% from the prior year, according to the National Association of Realtors.
The drop followed four straight months of gains and the index was at its lowest level since August.
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