Pending-home sales in the Miami area posted one of the largest year-over-year gains of any metro in the country in December, according to the latest report from the National Association of REALTORS®.
Despite declining pending-home sales in all four regions of the country, certain metros saw steady annual gains, including Miami, the association said.
The metro saw a 6.3% year-over-year increase in listings that went under contract during the month. That was the eighth-highest annual increase in the country.
Pending-home sales increased even more in Louisville, Ky. (up 23.8%), San Antonio (up 13.6%) Virginia Beach, Va. (up 11%), Charlotte, N .C. (up 9.7%), Boston (up 9.2%), Phoenix (up 8.7%) and Oklahoma City (up 8%).
Despite potential home-sale growth in key areas of the country, NAR Chief Economist Lawrence Yun said nationwide declines put a damper on market outlook.
“The housing sector is not out of the woods yet,” Yun said. “Data shows closing activity increased in December. However, new listings did not keep pace so inventory decreased. Consumers prefer seeing abundant inventory before making the major decision of purchasing a home. So, the decline in pending-home sales could be a result of dampened consumer enthusiasm about buying a home when there are so few options listed for sale.”
Nationwide, pending-home sales decreased 9.3% year over year in December.