Pending Home Sales in line with market forecasts

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Monday, Jan 30 2017

Pending Home Sales in line with market forecasts

Contracts to buy previously owned U.S. homes rebounded last month as buyers adjusted to the recent jump in mortgage rates, according to figures released Monday from the National Association of Realtors in Washington. Pending home-sales gauge rises 1.6 percent from previous month (forecast was for 1 percent gain) after falling 2.5 percent the prior month. Index dropped 2 percent from December 2015 on an unadjusted basis. Pending sales increased in two of four U.S. regions from November.

The increase in contract signings follows a post-election jump in borrowing costs that pushed down pending sales in November. While steady growth in jobs, wages and the economy will continue to underpin home purchases, the supply of available properties is at historic lows, limiting any potential gains in the market. With the Federal Reserve projecting three interest-rate increases this year, further increases in mortgage costs could put houses out of reach for some buyers.

More in this category: « German CPI declined by 0.6% NAB Business Confidence unchanged in December »

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