Pending home sales in the United States slid to an all-time low in January as high mortgage rates, record-high home prices, and possibly the terrible weather last month hindered those seeking to buy.
The National Association of Realtors said Thursday that its Pending Home Sales Index, which is an indicator of home sales based on contract signings, declined 4.6% to 70.6 last month.
On Friday NAR said that sales of previously occupied U.S. homes slipped 4.9% last month from December to a seasonally adjusted annual rate of 4.08 million units.
“It is unclear if the coldest January in 25 years contributed to fewer buyers in the market, and if so, expect greater sales activity in upcoming months,” NAR Chief Economist Lawrence Yun said in a statement.
Sales rose 2% compared with January last year, marking the fourth straight annual increase.
