Pending home sales drop to the lowest level on record in January
Pending sales, which are based on signed contracts for existing homes, dropped 4.6% from December to the lowest level since the National Association of Realtors began tracking this metric in 2001. Sales were down 5.2% from January 2024. These sales are an indicator of future closings.
Cold weather may have made matters worse last month, but high prices and mortgage rates are also factors hitting demand.
Home prices and mortgage rates, which were a drag on home sales for most of 2024, stayed elevated and put off many buyers.
U.S. existing home sales dropped more than expected in January after three straight monthly increases as high mortgage rates ...
New-home sales in January posted a seasonally adjusted annual rate of 657,000, down 10.5% from the prior month and 1.1% lower ...
The California housing market significantly cooled in January, with home sales and prices on the decline, according to the latest data from the California Association of Realtors. In January, sales of ...
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