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December pending home sales fall 4.9% as supply hits a record low

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Pending home sales, which measure signed contracts, not closings, dropped 4.9% in December compared with November, as the supply of homes hit a record low during the month.

December is historically the slowest month of the year in the housing market. Despite the month-to-month drop, though, 2019 ended up slightly stronger than the year before.Justin Sullivan | CaliforniaDecember is historically the slowest month of the year in the housing market. Despite the month-to-month drop, though, 2019 ended up slightly stronger than the year before. Pending home sales were 4.6% higher last month than in December 2018, according to the National Association of Realtors.

Buyers were likely buoyed by low mortgage rates. The average rate on the 30-year fixed mortgage hovered around 3.75% in December, a full percentage point lower than the rate in December 2018. Home price gains accelerated last fall, after easing for much of the year, but lower mortgage rates helped to offset that increase.

 

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NImby regulation has prevented enough home supply to meet demand.

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