Contracts to buy U.S. previously owned homes rose by the most in more than 2-1/2 years in January, but a resurgence in mortgage rates could delay a much-awaited housing market turnaround.
The National Association of Realtors said on Monday its Pending Home Sales Index, based on signed contracts, jumped 8.1% last month, the biggest increase since June 2020. Economists polled by Reuters had forecast contracts, which become sales after a month or two, rising 1.0%.
The second straight monthly increase in contracts could see existing home sales rebounding or posting another small decline after logging their 12th straight monthly decrease in January. Contracts increased in all four regions. Pending home sales decreased 24.1% in January on a year-on-year basis. "Home sales activity looks to be bottoming out in the first quarter of this year, before incremental improvements will occur," said NAR Chief Economist Lawrence Yun.
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