Pending Home Sales Drop In January; Weather Named as Cause

Dennis Norman

 Today the National Association of REALTORS released it’s January Pending Home Sales Index showing a decrease of 7.6 percent in the index from December, 2009 to January 2010 (seasonally adjusted) and a 12.3 percent increase from last year.

Here are highlights from the report:

  • January”s pending home sales index (seasonally adjusted) was 90.4 (the index is based upon 100.0 being equal to the average level of sales activity in 2001 which we could call the last “normal” year) which was a decrease of 7.6 percent in the index from December’s revised index of 97.8 and an increase of 12.3 percent from January, 2009 when it was 80.5.
  • January”s not-seasonally adjusted index index was at 74.4, an increase of 17.7 percent from December and an increase of 8.8 percent increase from a year ago.

Lawrence Yun, NAR chief economist, said weather is likely to impact housing data. “January pending sales, though still higher than one year ago, remain much lower than expected given that a large number of potential buyers are eligible for the expanded home buyer tax credit. Moreover, the abnormally severe and prolonged winter weather, which affected large regions of the U.S., hampered shopping activity in February,” he said.

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