Pending home sales nationwide are down for the second consecutive month, except for in the South where sales rose 1.4% between the months of December and January, according to a new report from Standard & Poor’s. “This latest trend suggests that we are likely to see a slight decline in February’s existing home sales because pending sales usually lead existing home sales by one to two months,” said Standard & Poor’s research analyst Erkan Erturk. S&P also released a report this week saying home prices have fallen 30% since hitting their peak levels in 2006, the largest national decline since the Great Depression. S&P says a National Association of Realtors report shows pending home sales nationally were down 2.8% in January from the previous month and 1.5% on a year-over-year basis. That decline followed a 3.2% drop between the months of November and December and a 2.8% year-over-year drop in December. January sales in the Midwest declined the most, plummeting 7.3% when compared to the previous month and 3.2% on a year-over-year basis. Meanwhile, sales in the West and Northeast fell nearly 1% and 3%, respectively, from last year. Write to Kerri Panchuk.
Pending home sales down everywhere, except the South: S&P
Most Popular Articles
Latest Articles
Why are existing home prices rising when sales are still so low?
Existing home sales fell in today’s report, but home prices are still up year over year, even with higher inventory and higher mortgage rates.