Pending Homes Sales Increase for Second Consecutive Month in January

Posted on February 27, 2023

On Monday (2-27-23), the National Association of Realtors® (NAR) reported its latest Pending Homes Sales Index (PHSI)—based on signed real estate contracts, not actual closings, for existing single-family homes, condominiums, and co-ops—improved 8.1% month-over-month in January to a reading of 82.5. An index of 100 is equal to the level of contract activity in 2001. The PHSI has now increased for two consecutive months. Year-over-year, contract signings have declined 24.1%.

All four regions posted gains in January:

  • The Northeast PHSI increased 6.0% to reading of 68.7 but declined 19.8% from January 2022.
  • The Midwest PHSI rose 7.9% to reading of 83.3 but was down 21.1% year-over-year.
  • The South PHSI posted an increase of 8.3% to a reading of 99.2 but was down 24.7% from January 2022.
  • The West PHSI increased 10.1% to a reading of 66.2 but was down 24.7% year-over-year.
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