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Home selling

US pending home sales tumble in December

Signed contracts to buy homes slide 3.7 per cent in December, despite lower mortgage rates
Josh Boak, The Associated Press

WASHINGTON - Fewer Americans signed contracts to buy homes in December, a sign that low mortgage rates have yet to coax more buyers into the market.

The National Association of Realtors said Thursday that its seasonally adjusted pending home sales index fell 3.7 per cent last month to 100.7. The index ended the year below its 2013 average. But the Realtors project sales of existing homes will rebound in 2015 to 5.26 million, a 6.6 per cent increase from last year.

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