Are buyers already coming back into the housing market? - Phoenix Business Journal

Redfin Corp. found while pending home sales fell 26% year over year during the four weeks ending Jan. 22, that was the smallest drop in more than three months, and that metric had began rising on a month-over-month basis since December.

Pending home sales increased in December for the first time since May 2022, after six consecutive months of declines, the National Association of Realtors found. Its Pending Home Sales Index, which forecasts future home-sales activity based on contract signings, improved 2.5% in December, although pending transactions were down 33.8% year over year in December., NAR's chief economist, said in a statement accompanying the December data release.

To be sure, one month's worth of data isn't indicative of a major shift — and the NAHB/Wells Fargo index, at 35, is still low compared to historic standards. But economists, analysts and real estate agents are hoping a more typical spring housing market will take place this year., director at S&P Global, adding he thinks the recent slowdown is a blip.

"Now that have balanced out and inflation is starting to get under control, it’s slowly returning to normal, I think," Tushaus said."That’s boosting consumer confidence."Even with the threat of a recession hanging over the economy, she said people always need to buy and sell houses, and her area, like most across the U.S., remains inventory constrained.

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