After plunging further in December, January Pending Home Sales rebounded more than expected (+4.6% MoM vs +1.0% MoM exp) but remains lower YoY for the 13th straight month.
“A change in Federal Reserve policy and the reopening of the government were very beneficial to the market,” NAR Chief Economist Lawrence Yun said in a statement.
“Homebuyers are now returning and taking advantage of lower interest rates, while a boost in inventory is also providing more choices for consumers.”
On a Year-over-year basis, the rebound left Pending Home Sales down just 2.27% YoY, but that is still the 13th annual drop in a row…
More Home-Sellers are Dropping Their Prices Than in Previous Winters as Buyers Seize More Control of the Market
More than one in five homes for sale nationwide dropped its price in the last month. In Fresno it was two in five.