Home Sales Rebound as Lower Mortgage Rates Draw Buyers
A jump in pending home sales in January indicates consumers are wading back into the market as rates settle in the 6% range.
For the second consecutive month, contract signings increased in January, registering their largest month-to-month gain since June 2020, the National Association of REALTORS® reported Monday. NAR’s Pending Home Sales Index jumped 8.1% from December to January, showing that buyers are rushing to take advantage of recently falling mortgage rates. And in more positive housing news, sales of newly built single-family homes rose 7.2% last month, the Commerce Department reported separately.
Mortgage rates crossed the 7% threshold in November, reaching more than double a
