US pending home sales down 0.8pc in January

(Sharecast News) - US pending home sales slipped in January, according to the National Association of Realtors, falling 0.8% from December. Compared with the same time a year earlier, contract signings were down 0.4%.

Regional performance was mixed, with the Midwest index rising 5% on the month and the West gaining 4.3%, while the South saw a 4.5% decline and the Northeast dropped 5.7%.

NAR chief economist Lawrence Yun said: "Improving affordability conditions have yet to induce more buying activity.

"With mortgage rates nearing 6%, an additional 5.5m households that could not qualify for a mortgage one year ago would qualify at today's lower rates."





Reporting by Iain Gilbert at Sharecast.com