Fewer contracts to purchase homes in January, Companies remain upbeat on economy, President Trump’s address to a joint session of Congress
February 28, 2017
Monday- The National Association of REALTORS© reported today that potential buyers signed fewer contracts to purchase homes in January due in part to rising mortgage rates and low inventories. Pending Home Sales in January fell 2.8% from December, the lowest level in a year. The index represents signed contracts for existing single-family homes, condos, and co-ops. Pending Home Sales rose 2.3% in the Northeast, fell 5% in the Midwest, near unchanged in the South and down almost 10% in the West.
Orders to purchase products lasting at least three years rose in January from December signaling companies remain upbeat on the economy to begin the year. January Durable Orders rose 1.8% from the -0.8% recorded in December, which was in line with estimates. The 1.8% gain was seen in strength for commercial and military aircraft.
Investors will be closely watching President Trump’s address to a joint session of Congress Tuesday evening for any clues on his “phenomenal” tax announcement that he said would be coming. Stocks have enjoyed an unprecedented rally higher since the presidential election. The Dow posted its 11th straight record high close on Friday of 20,821. The Stock markets have recently hit record highs due to President Trump’s promises of lower taxes and regulatory reforms.