Source: Yahoo! News —
Signed contracts to buy existing homes in the U.S. rose in January in the largest monthly increase since June 2020, as the housing market sets course for rebound mode.
The National Association of Realtors’ index of pending home sales climbed 8.1% to 82.5 in January, higher from the projected estimate of 1.0% by Bloomberg economists, according to data the group released on Monday. On a yearly basis, however, pending transactions plunged by nearly 24%.
The measure, a leading indicator of the housing market’s health, highlights how much the market has reversed this year in the wake of slowing home-price appreciation and higher mortgage rates.
“Buyers responded to better affordability from falling mortgage rates in December and January,” NAR chief economist Lawrence Yun said in a statement.
