US pending home sales rose 0.5 percent in December

By MATT OTT
Associated Press

WASHINGTON/WILMINGTON (AP/WWAY) – The pace of Americans signing contracts to buy homes rose for a third straight month in December, raising an index of pending home sales by 0.5 percent.

The National Association of Realtors says its index of pending sales reached 110.1, up from a revised 109.6 in November. The index is now at its highest level since registering 111.3 in March.

More Americans are looking for homes as the economy has improved, though a shrinking supply of properties on the market has made the hunt difficult and driven up prices.

The number of signed contracts rose in the South and West in December but declined in the Northeast and Midwest.

Pending sales contracts are a barometer of future purchases. Sales typically follow a month or two after a signed contract.

In southeastern North Carolina, the Wilmington-Cape Fear Home Builders Association presented the 2018 annual housing forecast during an event in Wilmington on Wednesday.

“The larger economic market is good,” said Cape Fear Realtors Executive Officer Taylor Oldroyd. “We’ve got a good foundation here. Wages are increasing. The economy is a little more diverse than it was. Everybody knows of course they can come here and enjoy the beach and retirement, but we do have a good strong business sector.”

The Cape Fear Realtors Executive Officers said it’s a good time to buy a home with a sound economy an interest rates being historically low.

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