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The National Association of Realtors on Wednesday reported that pending home sales in January rose by 4.6% to surpass the market expectation of 0.4%.

Key takeaways from the press release

Lawrence Yun, NAR chief economist:

“A change in Federal Reserve policy and the reopening of the government were very beneficial to the market.”

“Homebuyers are now returning and taking advantage of lower interest rates, while a boost in inventory is also providing more choices for consumers.”

“Income is rising faster than home prices in many areas and mortgage rates look to remain steady. Furthermore, job creation will help lift home buying.”