Pending Home Sales Up 5.2% in January
The National Association of Realtors is reporting that pending home sales were up 5.2% in January with the NAR’s Pending Home Sales Index (a forward-looking indicator based on contract signings) increasing to 108.8. In addition, they reported that year-over-year contract signings were up 5.7%. However, the lack of inventory is still a large factor for future sales:
“We are still lacking in inventory,” he said, noting December’s and January’s combined supply was at the lowest level since 1999. “Inventory availability will be the key to consistent future gains. Said Lawrence Yun, NAR’s chief economist.