Pending Home Sales Improved for Second Straight Month, Up 8.1% in January
The Pending Home Sales Index (PHSI) improved from 8.1% to 82.5 in January.
According to the National Association of Realtors, “buyers responded to better affordability from falling mortgage rates in December and January,” said NAR Chief Economist Lawrence Yun.
NAR anticipates the economy will continue to add jobs throughout 2023 and 2024, with the 30-year fixed mortgage rate steadily dropping to an average of 6.1% in 2023 and 5.4% in 2024.
