Published: 2024-02-29T15:16:42.000Z
U.S. January Pending Home Sales slip as revival starts to fade
Senior Economist , North America
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January’s 4.9% decline in pending home sales is much weaker than expected and reverses most of a 5.7% December increase, suggesting that as mortgage rates start to move up again after falling in late 2023, housing demand is losing momentum.
While December’s rise was revised down from 8.3% preceding data was revised higher meaning net revisions are fairly neutral.
The slower data for January contrasts gains in MBA and NAHB surveys in January. February data showed the MBA data starting to fade but the NAHB’s continuing to improve. Still, a rise in January existing home sales looks unlikely to extend much further.
