Pending Home Sales Down 1.8% in July
The National Association of Realtors is reporting that pending home sales were down 1.8% in July, 2021. The NAR’s Pending Home Sales Index (a forward-looking indicator based on contract signings) fell to 110.7. In addition, they report that year-over-year contract signings were also down 8.5%. They say the market may be starting to slightly cool but low inventory is still playing a part. Indeed…
“The market may be starting to cool slightly, but at the moment there is not enough supply to match the demand from would-be buyers,” said Lawrence Yun, NAR’s chief economist. “That said, inventory is slowly increasing and home shoppers should begin to see more options in the coming months.
“Homes listed for sale are still garnering great interest, but the multiple, frenzied offers – sometimes double-digit bids on one property – have dissipated in most regions,” Yun said. “Even in a somewhat calmer market, a number of potential buyers are still choosing to waive appraisals and inspections.”