The number of houses going under contract in the US dropped in January for the third straight month to the lowest level since April 2021.
- The pending home sales index plummeted 5.7% to 109.5 in January compared with the prior month. Pending home sales were 9.5% below the level post the same month a year earlier.
- Lawrence Yun, NAR’s chief economist stated that it would not be surprising to see a bounce back in housing demand, further noting buyers are struggling with a number of market issues like rising interest rates and surging home prices.
- Pending home sales rose only in the West Region of the US by 1.5%.
Transactions fell the most in the Northeast region by 12.1% followed by South and Midwest with monthly decreases of 6.3% and 5.9%, respectively.
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