What is happening to the US housing market?
EPB Macro Research founder Eric Basmajian provides insight on real estate on ‘Making Money.’
Contract signings to purchase existing homes climbed in January for the second month in a row to the highest monthly level since June 2020, but saw a steep drop nationwide year-over-year.
The National Association of Realtors reported Monday its pending home sales index surged 8.1% last month in a major surprise to economists polled by Refinitiv, who had expected only a 1% increase.
"Buyers responded to better affordability from falling mortgage rates in December and January," NAR chief economist Lawrence Yun said in a statement.
NEW HOME SALES BEAT WALL STREET'S EXPECTATIONS
Pending home transactions tumbled 24.1% on an annualized basis in January, and the NAR does not expect the housing market to regain its footing on that measure for another year.
Near the bottom?