The Pending Home Sales Index increased slightly in December, reports Calculated Risk's Bill McBride. According to data from the National Association of Realtors, the Index rose 0.1% to 106.8 in December, and is up 4.2% year-over-year. The index has increased year-over-year for 16 consecutive months.

The PHSI in the Northeast increased 6.1% to 97.8 in December, and is now 15.3% above a year ago. In the Midwest the index decreased 1.1% to 103.6 in December, but is still 3.6% above December 2014.

Pending home sales in the South declined 0.5% to an index of 119.3 in December but are 1.0% higher than last December. The index in the West decreased 2.1% in December to 97.5, but remains 3.4% above a year ago.

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