Even with the surge at the start of the year, contract signings were down 22.4% from January 2022.
| Bloomberg
The National Association of Realtors’ index of contract signings to purchase previously owned homes increased 8.1% in January from a month earlier to 82.5, according to data released Monday. The jump beat all estimates in a Bloomberg survey of economists, which called for a 1% advance. While high borrowing costs continue to pose a challenge for the housing sector, an easing in mortgage rates last month supported the pickup in buyer demand. Price cuts are also becoming more common, aiding affordability.
“Home sales activity looks to be bottoming out in the first quarter of this year before incremental improvements will occur,” Lawrence Yun, NAR’s chief economist, said in a statement.“An extra bump occurred in the West region because of lower home prices, while gains in the South were due to stronger job growth in that region,” Yun said.
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