U.S. pending home sales post largest gain in 2-1/2 years in January

The National Association of Realtors said on Monday its Pending Home Sales Index, based on signed contracts, jumped 8.1% last month, the biggest increase since June 2020. Economists polled by Reuters had forecast contracts, which become sales after a month or two, rising 1.0%.

The second straight monthly increase in contracts could see existing home sales rebounding or posting another small decline after logging their 12th straight monthly decrease in January. Contracts increased in all four regions. Pending home sales decreased 24.1% in January on a year-on-year basis. "Home sales activity looks to be bottoming out in the first quarter of this year, before incremental improvements will occur," said NAR Chief Economist Lawrence Yun.

Well duh! We’ve been in a pandemic with a big loss of jobs. Of course the numbers are inflated.

sales still down 22% from 2022

The tag line indicated great news, but the article itself is full of contradictions!

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Pending home sales rise 8.1% in January, largest increase since June 2020A dip in mortgage rates pushed eager buyers to act and drove pending home sales higher. But the strong U.S. economy is helping drive mortgage rates up again, and the slowdown in demand will ultimately hit home prices. Lower mortgage rates increased home sales in January, but mortgage rates are now rising again. Who are the buyers occupants or landlords these prices and 7.5% 😅
Source: MarketWatch - 🏆 3. / 97 Read more »