Economists' Outlook

Housing stats and analysis from NAR's research experts.

January 2023 Pending Home Sales Rise for Second Straight Month

  • NAR released a summary of pending home sales data showing that January’s pending home sales pace increased 8.1% last month but fell 24.1% from a year ago.
Pending Home Sales Index
  • Pending sales represent homes with a signed contract to purchase but have yet to close. They tend to lead Existing Home Sales data by 1 to 2 months.
  • All four regions showed double-digit declines from a year ago. The West had the largest dip of 29.3%, followed by the South with a drop-in contract signings of 24.7%. The Midwest fell 21.1%, followed by the Northeast, with the smallest decline of 19.8%.
January 2023 U.S. & Regional Pending Sales
  • From last month, all four regions showed inclines in contract signings. The West region had the largest gain of 10.1%, followed by the South with an increase of 8.3%. The Midwest rose 6.5%, followed by the South with an incline of 6.0%.
  • The U.S. pending home sales index level for January was 76.9. December’s pending sales figures were revised to 76.3.
  • January’s contract signings bring the pending index below the 100-level mark for the tenth consecutive month.
  • The 100 level is based on a 2001 benchmark and is consistent with existing-home sales above the 5 million mark.
Pending Home Sales Index as of Jan. 2023