![](\"https:\/\/www.floridarealtors.org\/sites\/default\/files\/styles\/full_width_main_image\/public\/2020-06\/MAYBS-STATS_head.jpg?h=a2076f79&itok=H2vJWWzN\")
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Of four regions studied, only Midwest pending sales dropped, but it was enough to impact the entire index. Year-to-year, pending sales were up by double-digits (21%).<\/span><\/span><\/p>\n<\/div>\n WASHINGTON \u2013 In December, pending home sales slipped 0.3% month-to-money, the fourth consecutive month of decline after an unseasonal surge in August. Pending sales only fell in one of the four regions tracked \u2013 the Midwest at 3.6% \u2013 but it was enough to weigh down the broader index.<\/span><\/span><\/p>\n Despite the drop, however, the National Association of Realtors\u00ae (NAR) says it was the highest ever recorded in a December.<\/span><\/span><\/p>\n It\u2019s the fourth consecutive month-over-month decline, but in a year-to-year comparison, the index and all four regions saw double-digit pending-sale increases.<\/span><\/span><\/p>\n The Pending Home Sales Index, a forward-looking indicator of home sales based on contract signings, waned 0.3% to 125.5 in December; year-over-year, contract signings jumped 21.4%. An index of 100 is equal to the level of contract activity in 2001.<\/span><\/span><\/p>\n \u201cPending home sales contracts have dipped during recent months, but I would attribute that to having too few homes for sale,\u201d says Lawrence Yun, NAR\u2019s chief economist. \u201cThere is a high demand for housing and a great number of would-be buyers, and therefore sales should rise with more new listings.\u201d<\/span><\/span><\/p>\n Yun says high buyer demand \u201cwithout a significant boost in supply has caused home prices to increase, and we can expect further upward pressure on prices for the foreseeable future.\u201d<\/span><\/span><\/p>\n Yun continues to project that 2021 will bring about strong economic growth, supported by low mortgage rates and fiscal stimulus, which in turn will bolster existing-home sales. With rates expected to remain low, existing-homes sales are likely to reach 6.49 million in 2021 \u2013 a 15% increase from 5.64 million in 2020.<\/span><\/span><\/p>\n \u201cThere will also be slower home price appreciation, likely 6.6%, as increased confidence from homebuilders will ultimately lead to an increase in housing starts,\u201d Yun adds.<\/span><\/span><\/p>\n December regional breakdown<\/strong>: The Northeast PHSI rose 3.1% to 112.0 in December, a 22.1% increase from a year ago. In the Midwest, the index fell 3.6% to 111.7 last month, but it\u2019s up 13.9% from December 2019.<\/span><\/span><\/p>\n\n