The pending home sales index, an index of sales contracts on previously owned US homes, was flat in the month of January, according to the National Association of Realtors. This may be a sign that the homes sales market is stabilizing, as the report beat expectations. The index is still down almost 20% year-over-year, though.
By region, the index fell in the Northeast and the South, by 4.1% and 6.1%, respectively. Sales rose in the Midwest, where we saw an increase of 0.6%. In the West, the index rose an astounding 13% for the month.
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