{"id":6121,"date":"2024-02-29T17:00:29","date_gmt":"2024-02-29T17:00:29","guid":{"rendered":"https:\/\/realestateagentmagazine.com\/?p=6121"},"modified":"2024-02-29T17:00:29","modified_gmt":"2024-02-29T17:00:29","slug":"pending-home-sales-receded-4-9-in-january","status":"publish","type":"post","link":"https:\/\/realestateagentmagazine.com\/pending-home-sales-receded-4-9-in-january","title":{"rendered":"Pending Home Sales Receded 4.9% in January"},"content":{"rendered":"<p><strong><u>Key Highlights<\/u><\/strong><\/p>\n<ul type=\"disc\">\n<li>Pending home sales decreased 4.9% in January.<\/li>\n<li>Month over month, contract signings rose in the Northeast and West but fell in the Midwest and South.<\/li>\n<li>Compared to one year ago, pending home sales declined in all U.S. regions.<\/li>\n<\/ul>\n<p>WASHINGTON, DC\u2014Pending home sales in January dropped 4.9%, according to the National Association of Realtors. The Northeast and West posted monthly gains in transactions while the Midwest and South recorded losses. All four U.S. regions registered year-over-year decreases.<\/p>\n<p>The\u00a0<a href=\"https:\/\/link.mediaoutreach.meltwater.com\/ls\/click?upn=u001.uRyDydJ5nn2rliU5OZ3x2VRt2ToI8bQ-2FcK6DXop6RhgshvEgeT65R657cdwKjzmPzLngE5Bv-2BzJPQiA2O5cwrCynkIj9St-2F8lJpUWqU-2BOp8Vyn-2B3T3zZYAJx2GVvju8SIHEl_s5xsKn6BJaGo0DpToLMh9iFmCDZZwlpV-2FisG1Dg3Em-2BlkK0mBgGSV5dK3aPymFkoy4NVHkdXXTV-2Breufqg2zrCRs85HZlu0DD7VCn75g7VHWRDYujYR2fLrVzfJdb1Pb7cB52Dz-2FJnMHC2NbX5Rhh6XrvB1RbWgQ-2FJhf8g5-2Fb0MaK-2FnKOU7kOJ22fZEDRwNHEUl6bVYzQCN-2FkEaY3Yxjjxi4jfVBBQJWMB7W1uN9oZfNCdGAnO9hmgbtqJGHZRorSJ1T4aDfWdXnkznOeYG-2FT-2B8sjkcIoom-2B0Vp6AQLW9hxg6R-2BafascDM-2Fpwa-2B1h9U5dv9FVN-2BUMDl9864VV7-2BZZ83iMuOxquJBvyHBkEDNZPfM6Kwo8DyQPMP6j7YRWKxZhGq0-2B-2Fe3Gf4Z3G7ScVhKCw-3D-3D\" target=\"_blank\" rel=\"nofollow noopener\" data-auth=\"NotApplicable\" data-linkindex=\"1\"><strong>Pending Home Sales Index (PHSI)<sup>*<\/sup><\/strong><\/a><a name=\"x__Hlk41483624\"><\/a>\u2013 a forward-looking indicator of home sales based on contract signings <a name=\"x__Hlk152064900\"><\/a>\u2013 decreased to 74.3 in January. Year over year, pending transactions were down 8.8%. An index of 100 is equal to the level of contract activity in 2001.<\/p>\n<p>\u201cThe job market is solid, and the country\u2019s total wealth reached a record high due to stock market and home price gains,\u201d said NAR Chief Economist Lawrence Yun. \u201cThis 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\u2019s impacting home sales.\u201d<\/p>\n<h2><a name=\"x__Hlk93934731\"><\/a><strong>Pending Home Sales Regional Breakdown<\/strong><a name=\"x__Hlk44072062\"><\/a><\/h2>\n<p>The Northeast PHSI increased 0.8% from last month to 63.6, a decline of 5.5% from January 2023. The Midwest index decreased 7.6% to 73.7 in January, down 11.6% from one year ago.<\/p>\n<p><a name=\"x__Hlk80972765\"><\/a>The South PHSI declined 7.3% to 88.5 in January, falling 9.0% from the prior year. The West index rose 0.5% in January to 61.1, down 7.0% from January 2023.<\/p>\n<p>\u201cSouthern states and those in the Rocky Mountain time zone experienced faster job growth compared to the rest of the country,\u201d added Yun. \u201cAs a result, long-term housing demand is increasing more significantly in these regions. However, the timing and number of purchases will largely depend on the prevailing mortgage rates and inventory availability.\u201d<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Key Highlights Pending home sales decreased 4.9% in January. Month over month, contract signings rose in the Northeast and West but fell in the Midwest and South. Compared to one year ago, pending home sales declined in all U.S. regions. WASHINGTON, DC\u2014Pending home sales in January dropped 4.9%, according to the National Association of Realtors. [&hellip;]<\/p>\n","protected":false},"author":45,"featured_media":6122,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[20],"tags":[],"class_list":["post-6121","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-real-estate-news"],"amp_enabled":true,"_links":{"self":[{"href":"https:\/\/realestateagentmagazine.com\/wp-json\/wp\/v2\/posts\/6121","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/realestateagentmagazine.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/realestateagentmagazine.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/realestateagentmagazine.com\/wp-json\/wp\/v2\/users\/45"}],"replies":[{"embeddable":true,"href":"https:\/\/realestateagentmagazine.com\/wp-json\/wp\/v2\/comments?post=6121"}],"version-history":[{"count":2,"href":"https:\/\/realestateagentmagazine.com\/wp-json\/wp\/v2\/posts\/6121\/revisions"}],"predecessor-version":[{"id":6124,"href":"https:\/\/realestateagentmagazine.com\/wp-json\/wp\/v2\/posts\/6121\/revisions\/6124"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/realestateagentmagazine.com\/wp-json\/wp\/v2\/media\/6122"}],"wp:attachment":[{"href":"https:\/\/realestateagentmagazine.com\/wp-json\/wp\/v2\/media?parent=6121"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/realestateagentmagazine.com\/wp-json\/wp\/v2\/categories?post=6121"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/realestateagentmagazine.com\/wp-json\/wp\/v2\/tags?post=6121"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}