US Pending Home Sales Hit Record Low in January

High mortgage rates, elevated home prices, and regional weather patterns contributed to the decline, according to the National Association of Realtors.

The National Association of Realtors reported a 4.6% drop in its Pending Home Sales Index for January, reaching a historic low of 70.6 since tracking began in 2001.
Pending home sales were down 5.2% compared to January 2024, reflecting ongoing affordability challenges for buyers.
High mortgage rates, averaging between 6.91% and 7.04% in January, and rising home prices were identified as key factors limiting buyer activity.
Sales showed regional variation, with declines in the Midwest, South, and West, while the Northeast saw a modest increase despite harsh winter conditions.
The U.S. housing market has been in a prolonged slump since 2022, with previously occupied home sales at their lowest levels in nearly 30 years.

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