Existing Home Sales Set to End the Year at Highest Point Since 2006 #investment #realestate #homeownership

Source:  HousingWire

Pending home sales inched up slightly in November and in December, according to a release from the National Association of REALTORS.

But even as home sales increase at the end of 2017, headed into 2018, NAR forecasts existing home sales and home price growth will slow primarily due to the altered tax benefits of homeownership in some high cost areas.

The Pending Home Sales Index, a forward-looking indicator based on contract signings, increased 0.2 percent to 109.5 in November, up from 109.3 in October.

This modest increase means the index remains at its highest reading since June, and is up 0.8 percent from last year.

"All of the leading indicators of housing activity, pending home sales, purchase applications from the MBA's mortgage applications survey, and the National Association of Homebuilder's housing market index, have pointed higher in recent months, suggesting that home sales ended the year on a high note," Nationwide Chief Economist David Berson said.

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