Pending Home Sales Rose Sharply in January
Not only did pending home sales increase for the second month in a row in January, but the increase was the largest since the June 2020 rebound from the pandemic plunge. The National Association of Realtors® (NAR) said its Pending Home Sales Index (PHSI) rose 8.1 percent in January to a reading of 82.5. This was on top of a 2.5 percent gain in December. [pendinghomesdata]
The PHSI is based on contracts to purchase existing single-family homes, townhouses, condominiums, and cooperative apartments. It is a leading indicator of existing home sales over the following one to two months.
Prior to the December uptick, pending home sales had fallen for 13 straight months. Last month’s PHSI reading was down 24.1 percent compared to the January 2022 level of 108.7. The Index was benchma
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