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Pending Home Sales Retreat 2.8% in January, but Climb From Last Year

Pending Home Sales Retreat 2.8% in January, but Climb From Last Year

posted: 02/25/2021

Pending home sales took a step backward in January as inventory constraints continue to hold back prospective buyers, according to the National Association of Realtors®. The South was the lone region with a modest gain from the month prior, while the other three major U.S. regions experienced month-over-month decreases in January. However, all four areas saw contract transactions increase from a year-over-year standpoint, including two regions reaching double-digit gains, spurring an all-time high for pending home sales in the month of January.