% Change in the pending home sales month on month
- Prior month +8.3% revised to 5.7%
- pending home sales for January 8 -4.9% versus +1.1% expected
- index falls to 74.3 from 78.1 (revised from 77.3)
Looking at the regional data:
- Northeast PHSI increased 0.8% from last month to 63.6, but is down 5.5% from January 2023.
- Midwest index decreased 7.6% to 73.7 in January, an 11.6% drop from one year ago.
- South PHSI declined 7.3% to 88.5 in January, a 9.0% decrease from the prior year.
- West index rose 0.5% in January to 61.1, but is down 7.0% from January 2023.
"Southern states and those in the Rocky Mountain time zone experienced faster job growth compared to the rest of the country," added Yun. "As a result, long-term housing demand is increasing more significantly in these regions. However, the timing and number of purchases will largely depend on the prevailing mortgage rates and inventory availability."
Pending home sales are off of signed contracts.
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