2/25, 4:01 PM (Source: TeleTrader)
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US pending home sales down 2.8% in January

Pending home sales in the United States were down 2.8% in January compared to the previous month, the National Association of Realtors (NAR) said on Thursday. The Pending Home Sales Index (PHSI) stood at 122.8 in January, failing to reach expectations. However, the index soared 13% on a yearly basis.

Month-over-month, the PHSI decreased by 7.4% in the US Northeast, declined 0.9% in the Midwest, increased by 0.1% in the South and fell by 7.8% in the West.

"Pending home sales fell in January because there are simply not enough homes to match the demand on the market. That said, there has been an increase in permits and requests to build new homes. There will also be a natural seasonal upswing in inventory in spring and summer after few new listings during the winter months," NAR's Chief Economist Lawrence Yun noted in a statement.

Breaking the News / MS