US JANUARY PENDING HOME SALES INDEX HITS ALL-TIME LOW
US JANUARY PENDING HOME SALES INDEX HITS ALL-TIME LOW
US January pending home sales drop 4.6%, worse than the expected -1.3%.
Pending home sales index falls to 70.6, marking an all-time low.
Year-over-year transactions down 5.2%, with prices up 4.7%.
NAR cites elevated home prices and higher mortgage rates as key affordability issues.
Cold weather's impact on sales unclear, but mortgage rates may provide some relief.
