U.S. Pending Home Sales Fell in January -- NAR
By Xavier Fontdegloria
The number of houses going under contract in the U.S. fell in
January as inventory constraints continue to hold back prospective
buyers, data from the National Association of Realtors showed
Thursday. Here are the report's main takeaways:
--The Pending Home Sales Index, a forward-looking indicator of
home sales based on contract signings, fell 2.8% to 122.8 in
--Economists polled by The Wall Street Journal expected the
indicator to decrease by 0.5%. In December, the index fell by
--Pending home sales were up 13% in January compared with the
same month a year earlier.
--"Pending home sales fell in January because there are simply
not enough homes to match the demand on the market," said Lawrence
Yun, the National Association of Realtors' chief economist.
However, the recent increase in housing permits is a good sign that
the supply and demand imbalance in the residential real state
market could be easing as soon as mid-2021, he said.
--Month-over-month contract transactions in January declined in
three of the four major U.S. regions. Activity fell the most in the
West and the Northeast, by 7.8% and 7.4% respectively, and to a
much lesser degree in the Midwest, where they decreased 0.9%.
Transactions inched up in the South, albeit by a marginal 0.1%.
Write to Xavier Fontdegloria at firstname.lastname@example.org
(END) Dow Jones Newswires
February 25, 2021 10:14 ET (15:14 GMT)
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