The numbers: U.S. pending home sales rose 8.1% in January, according to the monthly index released Monday by the National Association of Realtors , with sales rising for the second month in a row.Pending home sales beat analyst expectations. Analysts polled by the Wall Street Journal had forecast the pending home sales index to rise by 0.9%.Pending home sales reflect transactions for which a contract has been signed for an existing home but the sale has not yet closed.
The NAR expects existing-home sales to drop in 2023 by 11.1%, to a total of 4.47 million units. They expect home sales to improve only in 2024, when they anticipate the number to jump by 17.7% to 5.26 million units sold. The slowdown in demand will ultimately hit home prices, NAR said. The group expects existing-home prices to fall nationally by 1.6% in 2023, to $380,100.
“But an annual gain in home sales will not occur until 2024,” he added. “Meanwhile, home prices will be steady in most parts of the country with a minor change in the national median home price.”
these prices and 7.5% 😅
Who are the buyers occupants or landlords
Lower mortgage rates increased home sales in January, but mortgage rates are now rising again.