US Pending Home Sales Fall on Inventory Shortage

Contracts to buy previously owned U.S. homes dropped in January on a shortage of inventory in the Midwest and West regions, the National Association of Realtors said on Monday.

The NAR said its pending home sales index, based on contracts signed last month, fell 2.8 percent to 106.4. The pending home sales index for December was revised up to 109.5.

Analysts polled by Reuters had forecast a 0.9 percent increase in January. The index last month, however, was still 0.4 percent higher than in January 2016.

Reuters

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Craig Erlam

Craig Erlam

Senior Currency Analyst at OANDA
Based in London, England, Craig Erlam joined OANDA in 2015 as a Market Analyst. With more than five years' experience as a financial market analyst and trader, he focuses on both fundamental and technical analysis while conducting macroeconomic commentary. He has been published by The Financial Times, Reuters, the Wall Street Journal and The Telegraph, and he also appears regularly as a guest commentator on networks including Sky News, Bloomberg, CNBC and BBC. Craig holds a full membership to the Society of Technical Analysts and he is recognized as a Certified Financial Technician by the International Federation of Technical Analysts.