Housing Development. Photographer: Mark Sommerfeld/Bloomberg
A gauge of contracts to purchase previously-owned U.S. homes unexpectedly declined in January to a more than three-year low, reflecting a shortage of inventories and rising mortgage rates, according to data released Wednesday from the National Association of Realtors in Washington.
Highlights of Pending Home Sales (January) Index dropped 4.7% m/m (est. 0.5% gain) to 104.6, lowest since Oct. 2014, after no change (revised from 0.5% gain) Gauge fell 1.7% y/y on an unadjusted basis after 1.8% y/y drop in Dec. NAR reduced 2018 home-sales forecast to 5.5m from an actual 5.51m in 2017; previously projected an increase.
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