Pending home sales fell 5.7% in January, the third consecutive month of declines, the National Association of Realtors reported. Year-over-year, pending home sales dropped 9.5%.
“With inventory at an all-time low, buyers are still having a difficult time finding a home,” stated Lawrence Yun, NAR chief economist. “Given the situation in the market—mortgages, home costs and inventory—it would not be surprising to see a retreat in housing demand.”
Regionally, January pending home sales decreased 12.1% in the Northeast, 5.9% in the Midwest and 6.3% in the South. Pending home sales in the West increased 1.5%.
The full NAR report can be found here.
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