Pending home sales dropped in January as inventory challenges continued to persist. Eager buyers are finding a lack of homes for sale. Contract signing fell 2.8% in January from December 2020, but is still 13% higher than a year ago, according to the National Association of Realtors reported Thursday.
The monthly sales dip was more an indication of lack of homes for sale than home buyers retreating, NAR notes. “Pending home sales fell in January because there are simply not enough homes to match the demand on the market,” says Lawrence Yun, NAR’s chief economist. “That said, there has been an increase in permits and requests to build new homes.”
The Time to List is now.
Lawrence Yun, NAR's chief economist, says “There will be a natural seasonal upswing in inventory in spring and summer after so few new listings during the winter months,”
Source: National Association of Realtors, Realtor Magazine
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