U.S. pending home sales drop 2.5% in January

The National Association of Realtors (NAR) released its pending home sales figures for the U.S. on Monday. Pending home sales in the U.S. slid 2.5% in January, missing expectations for a 0.5% gain, after a 0.9% increase in December. December’s figure was revised up from a 0.1% rise.

The fall was mainly lead by declines in almost all regions. Only pending home sales in the South rose in January.

“While January’s blizzard possibly caused some of the pullback in the Northeast, the recent acceleration in home prices and minimal inventory throughout the country appears to be the primary obstacle holding back would-be buyers,” the NAR’s chief economist Lawrence Yun said.

“Additionally, some buyers could be waiting for a hike in listings come springtime,” he added.

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