Sales contracts for homes dip from 19-month high
The number of Americans who signed contracts to buy homes fell in December after hitting the highest level in a year and a half.
The National Association of Realtors says its index of sales agreements fell 3.5 percent last month to a reading of 96.6. That’s down from November’s reading of 100.1.
But the reading is still the second highest since April 2010, the last month that buyers could qualify for a federal home-buying tax credit.
A reading of 100 is considered healthy.
Contract signings typically indicate where the housing market is headed. There’s a one- to two-month lag between a signed contract and a completed deal. But in recent months, a growing number of buyers have cancelled contracts at the last minute.
Inside the business of entertainment
The Wide Shot brings you news, analysis and insights on everything from streaming wars to production — and what it all means for the future.
You may occasionally receive promotional content from the Los Angeles Times.
