The pending home sales index measures signed sales contracts. A separate report on existing home sales measures sales when they close, typically a month or two after the contract is signed. Existing home sales were down 10.8% year-on-year in December.
Pending home sales increased in all four regions. Pending sales rose 8.1% in the Northeast, 5.3% in the West, 4.3% in the South and 3.2% in the Midwest. On a year-over-year basis, pending sales are down between 4% and 5% in all four regions.