National pending home sales in January reached its lowest point in three years, with low inventory playing a key role according to the National Association of REALTORS®.
NAR Chief Economist Lawrence Yun cited many positive signs throughout the country even though every region experienced decreases in monthly and annual contract signings. “Even though contract signings were down,” Yun said, “REALTORS® indicated that buyer traffic in most areas was up in January compared to a year ago. The exception was likely in the Northeast, where the frigid cold snap the first two weeks of the month may have contributed some to the region’s large decline.”
For more details, read the NAR story.