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Realtors Report Big Decline in Contract Signings

Realtors Report Big Decline in Contract Signings

The National Association of Realtors released January's Pending Home Sales report this morning, which measures signed purchase contracts as opposed to finalized sales.  As such, it's considered to be an advance indicator of Existing Home Sales, and that's generally proven to be the case over time.  It also means the pending sales data can be a bit more volatile.   In today's data, that volatility expressed itself in the form of the biggest month-over-month decline in 11 months.  The index dropped by 5.7% to a level of 109.5.  December's level was revised slightly lower from 117.7 to 116.1.   Despite the losses, if we look beyond the post-covid sales surge, current levels are still quite strong in the context of the past 15 years. That's all well and good for the month of
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