Homebuyers were Busy in January; Pending Sales Rise

By Jann Swanson

Posted To: MND NewsWire

Even though sales of existing homes dropped by 4.9 percent in January buyers were apparently out shopping and seriously so. The National Association of Realtors® said that its Pending Home Sales Index (PHSI) climbed to 104.2 in January, a 1.7 percent increase from December and the highest level for the index since August 2013. The January PHSI was 8.4 percent higher than the one for January 2014. It was the fifth consecutive month of year-over-year gains and NAR said that each month has accelerated the annual gain from the prior month. In addition the December number was revised upward from 100.7 to 102.5, erasing about half of the previously reported 3.7 percent November to December loss. PHSI is a forward-looking indicated based on contract signings for home purchases. These contracts…(read more)

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