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The National Association of Realtors (NAR) released its pending home sales figures for the U.S. on Thursday. Pending home sales in the U.S. rose 0.1% in December, missing expectations for a 0.8% gain, after a 1.1% drop in November. November's figure was revised down from a 0.9% decline.
The increase was mainly lead by a rise the Northeast.
"Warmer than average weather and more favourable inventory conditions compared to other parts of the country encouraged more households in the Northeast to make the decision to buy last month," the NAR's chief economist Lawrence Yun said.
"Overall, while sustained job creation is spurring more activity compared to a year ago, the ability to find available homes in affordable price ranges is difficult for buyers in many job creating areas. With homebuilding still grossly inadequate, steady price appreciation and tight supply conditions aren't going away any time soon," he added.
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