-4.6%
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In January 2025, the Midwest, South, and West experienced month-over-month losses in transactions, with the most significant drop in the South, and the Northeast saw a modest gain. Year-over-year, contract signings fell in all four U.S. regions, with the South seeing the greatest falloff.
According to NAR Chief Economist Lawrence Yun, “It is unclear if the coldest January in 25 years contributed to fewer buyers in the market, and if so, expect greater sales activity in upcoming months. However, it’s evident that elevated home prices and higher mortgage rates strained affordability.”
Next release: Pending Home Sales for February 2025 will be released on Thursday, March 27, 2025 at 10 a.m. Eastern.
The Pending Home Sales Index (PHS), a leading indicator of housing activity, measures housing contract activity, and is based on signed real estate contracts for existing single-family homes, condos, and co-ops. Because a home goes under contract a month or two before it is sold, the Pending Home Sales Index generally leads Existing-Home Sales by a month or two.