Washington – The number of Americans signing contracts to buy homes rose at a healthy pace in January, a sign that home sales are poised to accelerate after a slow start to the year.
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The National Association of Realtors says its seasonally adjusted pending home sales index increased 1.7 percent to 104.2 last month. December’s figure was also revised higher to show a decline of only 1.5 percent, up from a previous drop of 3.7 percent.
The data point to a rebound in sales of existing homes in the coming months, particularly as the spring buying season gets underway. Measures of sales and construction fell last month.
Pending sales are a barometer of future purchases. A one- to two-month lag usually exists between a contract and a completed sale.