Pending Home Sales Rebound 5.2% in January

The National Association of Realtors® (NAR) is reporting that pending homes sales, a forward-looking indicator which measures housing contract activity based on signed real estate contracts for existing single-family homes, condos, and co-ops, not actual closing, grew 5.2% to 108.8 in January. Year-over-year contract signings increased 5.7%. An index of 100 is equal to the level of contract activity in 2001. December and January’s combined supply of homes for sale, was at the lowest level since 1999.