From the National Association of Realtors: Pending Home Sales Rise 5.2% in January
Economist Yun: “Solid activity – the second-highest monthly figure in over two years – is due to the good economic backdrop and exceptionally low mortgage rates.”
WASHINGTON – Pending home sales rebounded in January following a decline in December, according to the National Association of Realtors® (NAR). Only the West region reported a minor drop in month-over-month contract activity, as the other three major regions saw pending home sales grow.
Year-over-year pending home sales activity was up in all four regions and up nationally compared to one year ago..
“This month’s solid activity – the second-highest monthly figure in over two years – is due to the good economic backdrop and exceptionally low mortgage rates,” says Lawrence Yun, NAR’s chief economist.
“We are still lacking in inventory,” he adds, noting December’s and January’s combined supply was at the lowest level since 1999. “Inventory availability will be the key to consistent future gains.”
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Dale Sorensen Real Estate
THE RIGHT MOVE
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