Pending home sales plunge to three-year lows

By Jann Swanson | Mortgage News Daily

Pending home sales took a deep dive in January, falling to their lowest level in over three years. The National Association of Realtors® (NAR) said its Pending Home Sales Index (PHSI), a forward-looking indicator of existing home sales, fell 4.7 percent to 104.6. The December index, which had represented an 0.5 percent increase from November, was revised down from 110.1 to 109.8. The January loss put pending sales 3.8 percent behind the pace in January 2017 and at its lowest level since October 2014.

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