Pending Homes Sales Increase for Second Consecutive Month in January

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.

FEA compiles the Wood Markets News from various 3rd party sources to provide readers with the latest news impacting forest product markets. Opinions or views expressed in these articles do not necessarily represent those of FEA.