Pending Home Sales Slide as Inventory Falls to Record Low
Signed contracts to purchase previously owned homes dropped last month as the number of homes on the market fell to a record low.
Signed contracts to purchase previously owned homes dropped last month as the number of homes on the market fell to a record low.
Builders sold 811,000 houses at an annualized and seasonally adjusted pace, the highest reading since March, the Commerce Department said in a report.
Home sales weakened last month as the number of available properties dropped to the lowest ever recorded, NAR said.
Builders broke ground on 1.6 million homes in 2021, a 16% jump from a year earlier and the most since 2006, according to a government report.
Homebuilders' confidence declined in January, reversing four months of gains, as construction companies grappled with shortages of workers and materials.
Consumer confidence fell this month to nearly a 10-year low as Americans on tight budgets struggled with inflation.
Pending sales and property viewings in December fell to the lowest level since the start of 2021, a Redfin report showed.
Pending home sales declined 2.2% as buyers competed for a shrinking pool of available properties, according to a report on Wednesday.