January pending home sales decreased 2.8 percent to 106.4 on the Pending Home Sales Index, compared with 109.5 in December, according to the National Association of Realtors.
January pending home sales decreased 2.8 percent to 106.4 on the Pending Home Sales Index, compared with 109.5 in December, according to the National Association of Realtors.
There were a number of obstacles homebuyers faced in January, said Lawrence Yun, NAR chief economist, in a statement.
“The significant shortage of listings last month along with deteriorating affordability as the result of higher home prices and mortgage rates kept many would-be buyers at bay,” he said. “Buyer traffic is easily outpacing seller traffic in several metro areas and is why homes are selling at a much faster rate than a year ago. Most notably in the West, it’s not uncommon to see a home come off the market within a month.”
The PHSI in the Northeast rose 2.3 percent to 98.7. The Index fell 5 percent to 99.5 in the Midwest. Sales in the South pushed the PHSI 0.4 percent higher to 122.5. The PHSI in the West dropped 9.8 percent to 94.6.