Pending Sales Cave Under Mortgage Rate, Supply Pressures

January’s pending home sales caved, dropping 4.7 percent in the National Association of REALTORS® (NAR) Pending Home Sales Index (PHSI). All four of the major regions in the U.S. experienced fewer sales, with the Northeast 9 percent lower, the Midwest 6.6 percent lower, the South 3.9 percent lower, and the West 1.2 percent lower.According to Lawrence Yun, chief economist at NAR, January’s activity is attributable to mortgage rates and supply, which have created conditions that ar