Pending Home Sales Up In January

0 Shares

WASHINGTON (UPI) — A pending U.S. home sales index climbed 2 percent in January, the National Association of Realtors said Monday.

The Pending Home Sales Index reached 97 with a climb that was twice the rate economists had expected.

The NAR revised December’s pending home sales index to 95.1. The index in January reached 97, which is 8 percent higher than January 2011, when the index stood at 89.8.

NAR called the upward trend in the housing market “uneven but meaningful since reaching a cyclical low last April.”

“Given more favorable housing market conditions, the trend in contract activity implies we are on track for a more meaningful sales gain this year. With a sustained downtrend in unsold inventory, this would bring about a broad price stabilization or even modest national price growth, of course with local variations,” said NAR Chief Economist Lawrence Yun.

NAR said the pending home sales index rose 7.6 percent in the Northeast and 3.8 percent in the Midwest. In the South, the index rose 7.7 percent. In the West, the index fell 4.4 percent, the NAR said.

 

UPI - United Press International, Inc.

Since 1907, United Press International (UPI) has been a leading provider of critical information to media outlets, businesses, governments and researchers worldwide.

Join the Discussion

Comment Policy: We encourage an open discussion with a wide range of viewpoints, even extreme ones, but we will not tolerate racism, profanity or slanderous comments toward the author(s) or comment participants. Make your case passionately, but civilly. Please don't stoop to name calling. We use filters for spam protection. If your comment does not appear, it is likely because it violates the above policy or contains links or language typical of spam. We reserve the right to remove comments at our discretion.