The Pending Home Sales Index (PHSI), which tracks home sales based on contract signings, dropped 4.6 percent to 70.6 in January, marking an all-time low, while pending transactions fell 5.2 percent year over year.
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BofA analysts cast doubts on prospects for 2025 sales rebound
“The U.S. housing market is stuck, and we are not convinced it will become unstuck anytime soon,” economists at Bank of America Global Research say of ongoing affordability issues.
Existing-home sales drop in March as high rates stun homebuyers
Existing-home sales retreated 4.3 percent between February and March to a seasonally adjusted annual rate of 4.19 million, according to data released Thursday by the National Association of Realtors.
Existing-home sales droop as mortgage rates hit 20-year highs
Home sales fell 2 percent between August and September and retreated 15.4 percent from a year ago as prices and interest rates climbed.