This photo taken on Feb. 14, 2023 shows a house for sale in Washington, D.C., the United States. (Photo by Aaron Schwartz/Xinhua)
The rise marked the largest increase since June 2020, nearly three years ago.
WASHINGTON, Feb. 27 (Xinhua) -- Pending home sales for the United States increased 8.1 percent month on month in January, the second straight month, according to data released Monday from the National Association of Realtors (NAR).
The rise marked the largest increase since June 2020, nearly three years ago.
Pending home sales is a term meaning that a contract has been signed but the home sale has not yet officially closed, and is the most current indicator of demand. That's because closing the contract can take up to two months.
A short-lived decrease in mortgage rates spurred home buying in January. However, rates have since rebounded, prompting analysts and media to speculate that January's increase may be temporary.
Moreover, pending home sales remain 24 percent less than they were in the same period a year ago.
"Buyers responded to better affordability from falling mortgage rates in December and January," according to NAR chief economist Lawrence Yun. ■
