The National Association of Realtors is reporting that pending home sales in January, 2024 dropped 4.9%. The NAR’s Pending Home Sales Index (a forward-looking indicator based on contract signings) came in at 74.3 in January. In addition, the NAR is projecting a 13% increase in existing-home sales for 2024. Indeed…
“The job market is solid, and the country’s total wealth reached a record high due to stock market and home price gains…This combination of economic conditions is favorable for home buying. However, consumers are showing extra sensitivity to changes in mortgage rates in the current cycle, and that’s impacting home sales.” Said Lawrence Yun, NAR chief economist.
Click here to read the full report at the National Association of Realtors.
