US Housing Market Hits a Record Low—What’s Behind the Freeze? 📉
The numbers are in, and they're pretty startling. January’s Pending Home Sales Index dropped another -0.8% month-over-month, settling at 70.9—the lowest reading we’ve ever recorded. This isn't a one-off blip, either. It's the second straight monthly decline, following a steep -7.4% plunge in December that was even worse than initially reported.
To really grasp how far we've fallen, consider this: pending sales are now sitting -43.3% below the peak we saw back in October 2021. That’s not just a cool-down; that’s a deep freeze.
Breaking it down by region shows just how widespread the weakness is. The South, typically the engine of American home sales, saw a -4.5% drop—its lowest level in a full year. The Northeast isn't faring much better, with its own notable softening. And if you look at actual contracts closing in January? Those fell more than -8%, leaving very little room for optimism about a near-term rebound.
What we're seeing is a market stuck in place, caught between high rates and limited inventory, and so far, there's no clear catalyst for a spring thaw.
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