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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.