Pending home sales in the USA rose for the first time in 7 months

Pending home sales in the USA recorded their first increase since May 2022, after falling consecutively last year with the effect of high interest rates.

The National Association of Realtors (NAR) has announced its pending home sales index for December 2022.

Accordingly, the index of pending home sales in the USA increased by 2.5 percent compared to the previous month in the last month of last year and reached 76.9.

The median claim of economists surveyed by Bloomberg was a 1 percent drop. Pending house sales, which increased for the first time since May 2022, decreased by 2.6 percent on a monthly basis in November.

Sales fell 33.8 percent year-on-year in December last year.

NAR Chief Economist Lawrence Yun, whose views were included in the statement, stated that the low point in housing sales activity is probably over.

Pointing out that mortgage interest rates are a dominant factor driving home sales, Yun said that the recent drop in rates has helped stabilize the market.

The data on pending home sales in the USA shows the change in the number of pending residences due to the fact that the contract was signed but the closing processes did not end.