Pending home sales tumbled 3.7% in December, widely missing expectations.
Over the prior year, pending home sales rose 8.5% in December, but far less than what economists had been expecting.
Expectations were for the report to show pending home sales rose 0.5% in December compared to the prior month and 10.5% over last year.
In November, pending home sales rose 0.8% against the prior month and 1.7% over last year.
More to come …