Pending us home sales up 16 months in a row

Pending US home sales remained flat in December 2015, edging up 0.1 per cent month-on-month, according to the National Association of Realtors. The market's recovery, though, remains evident, as sales rose 4.2 per cent year-on-year, the 16th month of annual growth in a row.

Lawrence Yun, NAR chief economist, says contract activity closed out the year on stable footing but lost some momentum, except for in the Northeast: "Warmer than average weather and more favorable inventory conditions compared to other parts of the country encouraged more households in the Northeast to make the decision to buy last month.

"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."