By Canadian Press

US pending home sales rebounded 4.6 per cent in January

Feb 27, 2019 | 9:09 AM

WASHINGTON — More Americans signed contracts to buy homes in January as lower mortgage rates appeared to give the real estate market a boost.

The National Association of Realtors says its pending home sales index rose 4.6 per cent last month to 103.2. The rebound has come as average 30-year mortgage rates have fallen since peaking at nearly 5 per cent in early November. Still, higher mortgage rates in 2018 depressed pending sales by 2.3 per cent over the past 12 months.

The index improved in the Northeast, Midwest, South and West in January. Signed contracts jumped 8.9 per cent in the South, where homes are generally more affordable. But in the pricier West, the increase was just 0.3 per cent.

Pending sales are a barometer of home purchases that are completed a month or two later.

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