Click to expand. Graph from RBI/MRIS
This morning's trio of data posts is kicking off with the monthly Pending Sales Index from RBI and this one has one glaring point to make: inventory is much lower than usual. In fact, this past January had the lowest January level since 2005. Yet, the number of contracts signed in January was still higher than the five-year January average by 22.0%. Foreclosed inventory is also down compared to last year (67.2% fewer foreclosed properties) and their average price per square foot was less than half the price for regular sales (those came in at $289 per square foot).