Three of four regions see higher pending home sales in January

Pending home sales climbed in every region but the West in January.In almost every U.S.?region in January, the number of contracts prospective homeowners signed increased from last year, including the?South.According to the National Association of Realtors, nationwide?pending home sales increased in the first month of the year, up more than 9 percent when compared to the same period last year, as the Pending Home Sales Index jumped to 1.95 from last year's 96.7. From December, the PHSI elevated by more than four basis points.Pending home sales also elevated in three of the four regions of the U.S, up 10 percent in the Northeast, 17 percent in the Midwest and 11 percent in the South. The only place in which they declined was the West, where the PHSI fell 1.5 percent. However, on a month-over-month basis, pending home sales climbed one-tenth of a percent.”Favorable affordability conditions and job growth have unleashed a pent-up demand,” said Lawrence Yun.He added that higher contract volume generally leads to more home sales, which has been evidenced in a variety of recent reports.Both at national and hyper local levels, the housing markets have 20-month streaks in effect. Pending home sales have risen on a year-over-year basis for 21 straight months nationally, while for Houston real estate, home purchases have climbed for 20 months in a row.
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