January pending home sales grew 4.6 percent compared with December, according to the National Association of Realtors (NAR).
“A change in Federal Reserve policy and the reopening of the government were very beneficial to the market,” NAR Chief Economist Lawrence Yun said in a statement, referring to the partial government shutdown that lasted Dec. 22–Jan. 25.
Pending home sales dropped 2.3 percent year-over-year, however, making January the thirteenth consecutive month of year-over-year sales declines.
Regionally, the South had the largest pending home sales increase in January, climbing 8.9 percent. The Northeast, Midwest and West grew 1.6 percent, 2.8 percent and 0.3 percent, respectively.
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