Tight inventories weigh on prospects for 2013 growth

NAR: Pending sales dip from November to December

Tight listing inventories are likely to constrain growth in 2013 home sales, the National Association of Realtors said in releasing a report showing that pending sales dropped 4.3 percent from November to December.

Despite the month-to-month drop, existing homes under contract were up 6.9 percent from a year ago, making December the 20th month in a row to see an annual gain in pending sales.