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First Cut: NAR’s Pending Home Sales Index turns upward in January

The NAR’s Pending Home Sales Index for January rose 4.6% to 103.2 from 98.7 in December. Although off the peaks of 2018, the reading was an upturn after six months of declines and was the highest since 104.6 in September. The index was up across all four regions. The report included annual revisions.

This is another piece of evidence that the housing market has regained some ground after the softening of conditions in the second half of 2018. Lower mortgage interest rates and slower price increases have helped.

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