U.S. pending home sales jumped 4.6 percent in January, the National Association of Realtors (NAR) said on Wednesday.
The Pending Home Sales Index increased 4.6 percent to 103.2 in January, up from 98.7 in December 2018. However, year-over-year contract signings declined 2.3 percent, making this the 13th straight month of annual decreases, NAR said.
"A change in Federal Reserve policy and the reopening of the government were very beneficial to the market,"said Lawrence Yun, NAR's chief economist.
Yun also said higher rates discouraged many would-be buyers in 2018.
"Home buyers are now returning and taking advantage of lower interest rates, while a boost in inventory is also providing more choices for consumers."
The Pending Home Sales Index is a leading indicator for the housing sector, based on pending sales of existing homes.
A sale is listed as pending when the contract has been signed but the transaction has not closed, though the sale usually is finalized within one or two months of signing.
The Pending Home Sales Index increased 4.6 percent to 103.2 in January, up from 98.7 in December 2018. However, year-over-year contract signings declined 2.3 percent, making this the 13th straight month of annual decreases, NAR said.
"A change in Federal Reserve policy and the reopening of the government were very beneficial to the market,"said Lawrence Yun, NAR's chief economist.
Yun also said higher rates discouraged many would-be buyers in 2018.
"Home buyers are now returning and taking advantage of lower interest rates, while a boost in inventory is also providing more choices for consumers."
The Pending Home Sales Index is a leading indicator for the housing sector, based on pending sales of existing homes.
A sale is listed as pending when the contract has been signed but the transaction has not closed, though the sale usually is finalized within one or two months of signing.
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