The National Association of Realtors is reporting that pending home sales were down 2.8% in January, 2021. The NAR’s Pending Home Sales Index (a forward-looking indicator based on contract signings) fell slightly to 122.8. In addition, they report that year-over-year contract signings were up 13%. Again….inventory, inventory, inventory [a lack thereof].
“Pending home sales fell in January because there are simply not enough homes to match the demand on the market,” said Lawrence Yun, NAR’s chief economist. “That said, there has been an increase in permits and requests to build new homes.”