Notizie economiche
30.01.2025

U.S. pending home sales unexpectedly plunge in December

The National Association of Realtors (NAR) reported on Thursday its seasonally adjusted pending home sales index (PHSI) plunged by 5.5 per cent m-o-m to 74.2 in December 2024, following a downwardly revised 1.6 per cent m-o-m rise (from +2.2 per cent m-o-m) in November 2024. This was the first decrease in the indicator in five months.

Economists had expected pending home sales to remain unchanged in the final month of 2024.

On a y-o-y basis, the index tumbled 5.0 per cent after an unrevised 6.9 per cent surge in November. This marked the first annual drop since August 2024 (-3.0 per cent).

According to the report, all four regional indices - the Northeast PHSI (-8.1 per cent m-o-m and -1.3 per cent y-o-y), the Midwest PHSI (-4.9 per cent m-o-m and -6.9 per cent y-o-y), the South PHSI (-2.7 per cent m-o-m and -5.1 per cent y-o-y) and the West PHSI (-10.3 per cent m-o-m and -5.1 per cent y-o-y) - posted declines both in m-o-m and y-o-y terms in December.

Commenting on the latest report, Lawrence Yun, NAR’s chief economist, noted that after four straight months of gains in contract signings, one step back is not welcome news, but it is not entirely surprising. “Economic data never moves in a straight line,” he added. “High mortgage rates have not significantly dented housing demand due to greater numbers of cash transactions.”

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