Pending Home Sales Jump!

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Pending Home Sales Jump!

Pending Home Sales Rose Sharply in January The National Association of Realtors® said its Pending Home Sales Index (PHSI) rose 8.1 percent in January to a reading of 82.5. Prior to the December uptick, pending home sales had fallen for 13 straight months. Last month’s PHSI reading was down 24.1 percent compared to the January 2022 level of 108.7. NAR Chief Economist Lawrence Yun said, "Buyers responded to better affordability from falling mortgage rates in December and January. Despite an improving interest rate environment and job gains, annual existing-home sales are forecasted to drop 11.1 percent this year to a total of 4.47 million units. All four U.S. regions posted monthly gains but saw year-over-year drops in transactions.

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