New data from the National Association of Realtors (Washington) has shown a significant drop in contracts to purchase homes for January 2018, according to a recent report. This is now raising quite a bit of concerns among realtors.
"The index dropped 4.7% month-over-month (the estimate was a 0.5% gain) to 104.6, the lowest since October 2014, after no change (revised from a 0.5% gain)," according to National Mortgage News.
"The gauge fell 1.7% year-over-year on an unadjusted basis after a 1.8% year-over-year drop in December."
The numbers are pretty dismal though, experts remain optimistic of future home sales given the strong state of the job market. The report states that purchases dipped in the Northeast, Midwest, South and West with the Northeast seeing the larger drop at 9% and the west seeing a small 1.2% in comparison.
To learn more about the current state of pending home sales in the U.S., click on the image above.