The National Association of Realtors Pending Home Sales Index fell 3.7 percent from November to December but is running 6.1 percent higher than in December 2013, up from 4.1 percent higher on a year-over-year basis the month before.

The Pending Home Sales index for the West fell 4.6 percent in December but remains 6.3 percent higher year-over-year.

And in terms of inventory, the number of homes listed for sale across the country was 6.0 percent lower in December as compared to the December before.

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