Skip to main content

Pending Home Sales at 12-Month Low

Phil Hall
Feb 27, 2017
Angel Oak Capital Advisors LLC has raised $291 million in capital commitments for its first private credit fund

Pending home sales in January hit their lowest level in a year, according to data released by the National Association of Realtors (NAR).
 
The trade group’s Pending Home Sales Index (PHSI) fell by decreased 2.8 percent to 106.4 in January from an upwardly revised 109.5 in December. Last month’s index reading is 0.4 percent above the January 2016 level, but it is still the lowest rate recorded in the past 12 months.
 
On a regional basis, the PHSI in the Northeast rose 2.3 percent to 98.7 in January, and is now 3.6 percent above a year ago, while the index in the South was a scant 0.4 percent higher at 122.5 percent and is two percent higher on year-over-year basis. But the Midwest index fell five percent to 99.5 in January, although it is now 3.8 percent lower than January 2016, and the index in the West dropped 9.8 percent in January to 94.6 and is 0.4 percent lower than a year ago.
 
“The significant shortage of listings last month along with deteriorating affordability as the result of higher home prices and mortgage rates kept many would-be buyers at bay,” said NAR Chief Economist Lawrence Yun. “Buyer traffic is easily outpacing seller traffic in several metro areas and is why homes are selling at a much faster rate than a year ago. Most notably in the West, it’s not uncommon to see a home come off the market within a month.” 
Published
Feb 27, 2017
UWM Adds 'Control Your Price' To 'Game On' Pricing

New program provides 125 basis points in price enhancements for loan orignators.

Industry News
Jan 11, 2023
Rocket Pro TPO Relieves Brokers Of Credit Fee Burden

Will provided free credit reports to brokers if they get their loan closed with the Detroit lender.

Industry News
Jan 10, 2023
Former Employees Sue Rocket Mortgage Over OT Pay

Claim company failed to properly calculate & pay OT for working beyond 40 hours a week.

Operations
Jan 09, 2023
Judge Grants UWM Partial Win In Ultimatum Lawsuit

AML’s declaration that the ultimatum violated antitrust law survived.

Industry News
Jan 04, 2023
A&D Mortgage Launches Temporary Rate Buydowns

Offering 3-2-1 and 2-1 buydown options.

Industry News
Jan 04, 2023
Zillow: 2M Homes No Longer Require A Jumbo Loan

This is the result of FHA's update to the baseline conforming loan limit in high-cost areas topping $1 million.

Industry News
Jan 04, 2023