Pending home sales slump

Pending home sales fell for the third month in a row in January, amid all-time low inventory and sky-high prices

The latest data from the National Association of Realtors shows contract signings for home sales dropped 5.7% last month, when the number of available homes on the market hit a record low of 860,000 units.

"With inventory at an all-time low, buyers are still having a difficult time finding a home," said NAR chief economist Lawrence Yun.

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