While the pace of completed home sales across the U.S. inched up in December to a 14-year high, pending home sales activity slipped 0.3 percent, representing the fourth consecutive month-over-month decline.

That being said, total contract signings in December, which is typically a low volume month, were still 21.4 percent higher on a year-over-year basis and an all-time high for the month.

Pending home sales in the West were unchanged from November to December and up 18.9 percent, year-over-year.

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