US Pending Home Sales Fall by Most Since August as Borrowing Costs Creep Up
- January contract signings fell nearly 5%, Realtors data show
- Consumers ‘showing extra sensitivity’ to rates, NAR’s Yun says
A gauge of contract signings from the National Association of Realtors decreased 4.9% to 74.3.
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Pending US sales of previously-owned homes unexpectedly declined in January by the most in five months as elevated mortgage rates kept a lid on housing demand.
A gauge of contract signings from the National Association of Realtors decreased 4.9% to 74.3, after surging to an eight-month high in December. The decline was steeper than all estimates in a Bloomberg survey of economists.