US Pending Homes Sales Decline Month-Over-Month and Year-Over-Year in January

Posted on February 29, 2024

On Thursday, the National Association of Realtors® (NAR) released its Pending Homes Sales Index (PHSI) for January. The PHSI—based on signed real estate contracts, not actual closings, for existing single-family homes, condominiums, and co-ops—was 4.9% lower at a reading of 74.3. Year-over-year, pending homes sales were down 8.8%.

An index of 100 is equal to the level of contract activity in 2001.

All four regions posted month-over-month declines in January, NAR reported.

  • The Northeast PHSI increased 0.8% from December 2023 to a reading of 63.6 but was down 5.5% when compared to January 2023.
  • The Midwest PHSI fell 7.6% to a reading of 73.7 and was down 11.6% year-over-year.
  • The South PHSI declined 7.3% to a reading of 88.5 and was 9.0% below January 2023.
  • The West PHSI increased 0.5% to a reading of 61.1 but was down 7.0% year-over-year.
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