January is typically a slower month when it comes to home sales. The weather is unpleasant in many parts of the country and many people need a little breathing room between the holidays and making the biggest purchase of their lives. And for the most part, January lived up to its reputation.
That is, except in the South, where, as Realtor.com reports, home sales seemed to be as strong as ever. The Southeast, to be more exact, was the only part of the country to actually see monthly gains as pending home sales rose 0.3 percent from December to January. Part of the reason for this is due to a combination of milder winters with good new job growth and relative affordability.
In other parts of the country, sales were not quite as strong. The Midwest saw a decline of 4.9 percent in pending sales. The West dropped 4.5 percent, as well.
Despite the majority of the country seeing declines in pending sales, experts believe increasing wages and employment will cause 2016 to be a strong year for homebuyers entering into contracts.