In January, U.S. pending home sales experienced a significant decline, falling 4.9% month-over-month against an expected increase of 1.5%, and marking an 8.8% decrease year-over-year. The National Association of Realtors reported this downturn as the largest monthly drop since August, with the Pending Home Sales Index (PHSI) decreasing to 74.3. This decline was notably led by the Midwest and South, while the Northeast and West saw gains in transactions. Elevated mortgage rates have been identified as a key factor curbing affordability and deterring buyers, contributing to this slump. This recent data indicates a return to levels below those seen in 2008, underscoring the challenges in the housing market exacerbated by high mortgage rates. The January reading also showed a year-over-year decrease of 6.8%, with mortgage demand hitting its lowest level since 1995.
Pending home sales are officially back below 2008 levels in the US. January pending home sales fell 6.9% year-over-year and stand right above the record low. This helps explain why mortgage demand has been down for 5 straight weeks to its lowest level since 1995.… https://t.co/pCt3hbYaUq
Pending home sales dropped off 4.9 percent between December and January and were down 8.8 percent year over year. https://t.co/YxjRWOeahM
Pending home sales slid nearly 5% in January https://t.co/Bt8fbQw4uJ #realestatenews #realestate
Pending home sales slump in January as elevated mortgage rates curb affordability https://t.co/Gtcs5A6qqh by @__gabriellacruz
⚠️ US PENDING HOME SALES FALL IN JANUARY AS HIGH MORTGAGE RATES DETER BUYERS (Reuters) Pending U.S. home sales retreated in January, a report on Thursday showed, as buyers continue to struggle with still-high mortgage rates. The National Association of Realtors Pending Home…
Pending home sales post biggest drop in five months as mortgage rates rise https://t.co/ayiQSqligj
Pending home sales receded 4.9% in January. This marks the biggest monthly drop since August. https://t.co/eR2YGeg4VM
Pending Home Sales Puked In January, Back Near Record Lows https://t.co/B5ifffa0s5
Pending home sales slumped by 4.9% in January, worse than the forecast of dropping by 2.5% 🏡 The fall was led by Midwest and South home sales falling, while the Northeast and West remained resilient https://t.co/nPFxOVNXy3
The Pending Home Sales Index (PHSI) decreased to 74.3 in January. Year over year, pending transactions were down 8.8%. #NARPHS
Pending home sales in January dropped 4.9%. The Northeast and West posted monthly gains in transactions while the Midwest and South recorded losses. https://t.co/zLH4afgu1O
NAR: Pending Home Sales Decrease 4.9% in January; Down 8.8% Year-over-year https://t.co/inpaUE5HDp This was well below expectations. Note: Contract signings usually lead sales by about 45 to 60 days, so this would usually be for closed sales in February and March.
The January reading of Pending Home Sales is -4.9% on the month and -6.8% on the year. This was expected to be +1.5% on the month and -4.4% on the year. 📉 🏘️
January pending home sales -4.9% month/month vs. +1.5% est. & +5.7% prior (rev down from +8.3%) https://t.co/LZwQOWfF13
Pending 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. https://t.co/9JIQTT8eKQ #NARPHS
🇺🇸 Pending Home Sales YoY (Jan) Actual: -8.8% Previous: 1.3% https://t.co/jKmX2cKaJe
Pending home sales -4.9%, Exp. 1.5%, Last 5.7% (revised down from 8.3%)
U.S PENDING HOME SALES (MOM) (JAN) ACTUAL: -4.9% VS 8.3% PREVIOUS; EST 1.5%