Market Updates
Pending Home Sales Index Improved In January
Brian Turner
27 Feb, 2023
New York City
Pending home sales, an index of forward looking home sales, increased for the second month in a row, the National Association of Realtors.
Pending home sales increased 8.1% In January from the previous month, following a downwardly revised 1.5% gain in December.
Despite the back-to-back monthly improvement, the home sale index showed home sales activities dropped 24.1% from a year ago.
“Buyers responded to better affordability from falling mortgage rates in December and January,” said NAR Chief Economist Lawrence Yun.
The Northeast home sales index rose 6.0% from last month to 68.7, a fall of 19.8% from January 2022.
The Midwest index increased 7.9% to 83.3 in January, a sharp drop of 21.1% from one year ago.
The South index increased 8.3% to 99.2 in January, dipping 24.7% from the prior year. The West index jumped 10.1% in January to 66.2 but fell 29.3% from a year ago.
“An extra bump occurred in the West region because of lower home prices, while gains in the South were due to stronger job growth in that region,” Yun added.
“Home sales activity looks to be bottoming out in the first quarter of this year, before incremental improvements will occur,” Yun said.
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