Pending home sales rose 8.1% in January but were down 24.1% from a year ago as the housing market continued to slow from a mid-pandemic buying frenzy, the National Association of Realtors reports. All four regions reported double-digit annual declines, led by a 29.3% drop in the West followed by the 24.7% drop in contract signings in the South, a reduction of 21.1% in the Midwest, and a decline of 19.8% in the Northeast.
January’s contract signings bring the pending index below the 100-level mark for the tenth consecutive month.
The 100 level is based on a 2001 benchmark and is consistent with existing-home sales above the 5 million mark.
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