The National Association of Realtors reported that pending home sales “cooled considerably” in January and were down 4.7%. In addition, available listings at the end of January were at an all-time low as well as being 9.5% below January 2017.
“The economy is in great shape, most local job markets are very strong and incomes are slowly rising, but there’s little doubt last month’s retreat in contract signings occurred because of woefully low supply levels and the sudden increase in mortgage rates,” said Lawrence Yun, Chief Economist for the NAR.
Click here to read the full release at the National Association of Realtors.
