Pending home sales slumped in January, with inventory at an all-time low and buyers having a difficult time finding a home.
On a month-over-month basis, sales increased in all four major U.S. regions in January. Year-over-year, activity was mixed as two regions reported sagging sales, another saw sales increase and a fourth region remained flat.
With sustained price appreciation and higher mortgage rates, affordability of single-family homes worsened in Q4 2021.
The surging residential real estate market of the last two years led to record-high home prices and record-low inventory, making it increasingly difficult for consumers, particularly Black Americans, to achieve homeownership.
