Pending home sales declined 4.9% to a level of 74.3 on the January Pending Home Sales Index, according to the National Association of Realtors. Compared with January 2023, pending home sales were down 8.8%.
“The job market is solid, and the country’s total wealth reached a record high due to stock market and home price gains,” stated NAR Chief Economist Lawrence Yun. “This combination of economic conditions is favorable for home buying. However, consumers are showing extra sensitivity to changes in mortgage rates in the current cycle, and that’s impacting home sales.”
Contract signings fell 0.8% in the Northeast, 7.6% in the Midwest and 7.3% in the South. Pending home sales in the West rose 0.5%.
The full NAR report can be found here.
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