Pending home sales in the United States declined by 4.9% on a monthly basis in January. The index stood at 74.3, the National Association of Realtors (NAR) shared in its report released on Thursday. On an annual level, the figure dropped 8.8%.
"The job market is solid, and the country's total wealth reached a record high due to stock market and home price gains," NAR Chief Economist Lawrence Yun commented, adding that these economic indicators are "favorable for home buying."
However, Yun noted that mortgage rate changes affect home sales and cause concerns among consumers.
