Pending home sales were up nationwide by 4.9 percent year over year nationwide during December, but were down by 7.0 percent in the West region of the US. According to the National Association of Realtors' pending home sales report released today, the West region was the only region to report declining year-over-year pending home sales. Pending home sales were up year over year by 6.5 percent, 11.3 percent and 8.7 percent in the Northeast, Midwest and South, respectively.
Pending home sales were also down year over year in November, dropping by 1.9 percent from November 2011 to November 2012.
See here for NAR's report.
According to NAR's press release:
Yun said shortages of available inventory are limiting sales in some areas. "Supplies of homes costing less than $100,000 are tight in much of the country, especially in the West, so first-time buyers have fewer options," he said. "We expect a seasonal rise of inventory in the spring to help, but a seller's market may be developing. Much of the West is already a seller's market for homes priced under a million dollars, but conditions are much more balanced in the Northeast."