Pending Home Sales Take a Dive – NMP Skip to main content

Pending Home Sales Take a Dive

Feb 28, 2018
The latest housing data show a market experiencing a winter slowdown

Pending home sales hit their lowest level in over three years, according to the National Association of Realtors (NAR).
 
Last month, NAR’s Pending Home Sales Index (PHSI) fell 4.7 percent to 104.6 from a downwardly revised 109.8 in December 2017. On a year-over-year basis, the index is down by 3.8 percent to its lowest level since the 104.1 recording in October 2014. 
 
On a regional basis, the PHSI in the Northeast dropped nine percent to 87 in January, the Midwest the index fell 6.6 percent to 98.2, the South declined 3.9 percent to an index of 121.9 and the West decreased 1.2 percent to 97.9. Lawrence Yun, NAR’s Chief Economist, blamed the desultory data on evaporating inventory levels and increasing mortgage rates.
 
“The lower end of the market continues to feel the brunt of these supply and affordability impediments. With the cost of buying a home getting more expensive and not enough inventory, some prospective buyers are either waiting until listings increase come spring or now having to delay their search entirely to save up for a larger downpayment,” said Yun. “Even though contract signings were down, Realtors indicated that buyer traffic in most areas was up January compared to a year ago. The exception was likely in the Northeast, where the frigid cold snap the first two weeks of the month may have contributed some to the region’s large decline.”
Pending home sales hit their lowest level in over three years, according to the National Association of Realtors (NAR)

 
 
About the author
Published
Feb 28, 2018
Strong Jobs Report Threatens Mortgage Rate Rally

October hiring more than doubled expectations, pushing Treasury yields higher

Nov 06, 2026
Fed Holds Rates, But Pricing Pressures Persist

Rising Treasury yields and fresh inflation data complicate rate locks, borrower qualification, and lender margins as markets anticipate another hike in December

Oct 29, 2026
Zippy Adds Capital For Manufactured-Home Lending Push

The $20 million investment from Saluda Grade will support expansion beyond 27 states and new loan products across wholesale, retail, and community channels

Oct 16, 2026
Inflation Hits 3.7%, Putting Mortgage Rate Relief At Risk

September’s inflation pickup puts recent rate improvements at risk, potentially eroding affordability gains from lower home prices and seller concessions

Oct 14, 2026
PLACE Acquires Ardley, Expanding Push To Turn Existing Borrowers Into New Loans

The latest deal connects borrower retention technology with Maxwell's origination platform and PLACE's real estate network, creating new opportunities for lenders

Oct 09, 2026
Equifax, TransUnion Launch New Tools To Cut Credit Report Costs

Both bureaus introduce ways to purchase credit scores separately from reports, while Equifax reports growing VantageScore adoption and extends $1 pricing through 2028

Oct 09, 2026