Pending home sales represent homes that are under contract but have not sold yet. According to the National Association of Realtors, pending home sales data shows a 5.7% decline for January 2022. That is a 9.5% from a year ago.
The declined has been recorded nationwide in all regions of the U.S. The largest declined has been 16.% in the Northeast, follow by the West with a dip in contract signings of 9.7%. The South fell 8.7% followed by the Midwest with a more modest decline of 5.9%.
In addition, the California Association fo Realtors latest market report shows pending sales declined by double digits. In addition, California Home Median Prices have declined to the lowest level since March of 2021.
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