Pending Home Sales Fall 4.9 Percent In New January Numbers

Pending home sales in January fell 4.9 percent, according to the National Association of Realtors. Month-over-month, contract signings rose in the Northeast and West but fell in the Midwest and South. All four U.S. regions registered year-over-year decreases.

Annually, pending transactions were down 8.8 percent across the U.S.

“The job market is solid, and the country’s total wealth reached a record high due to stock market and home price gains,” said NAR Chief Economist Lawrence Yun. “This 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’s impacting home sales.”