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Pending home sales jump again in January, but don’t get too excited

January’s pending home sales picked up right where they left off in 2022, posting the second consecutive month of increases, according to data released Monday by the National Association of Realtors (NAR).

After posting a 2.5% month-over-month increase in December, the Pending Home Sales Index rose 8.1% month over month in January to a reading of 82.5.

“Buyers responded to better affordability from falling mortgage rates in December and January,” Lawrence Yun, NAR’s chief economist, said in a statement.

Despite the strong monthly increase, pending home sales are down 24.1% compared to a year ago. An index details ⇒

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