Pending Home Sales Down 1.9% in June
The National Association of Realtors is reporting that pending home sales were down 1.9% in June, 2021. The NAR’s Pending Home Sales Index (a forward-looking indicator based on contract signings) fell to 112.8. In addition, they report that year-over-year contract signings were also down 1.9%. They say the moderate slowdown is largely due to huge spike in home prices. Indeed…
“Pending sales have seesawed since January, indicating a turning point for the market…Buyers are still interested and want to own a home, but record-high home prices are causing some to retreat.”
[HOWEVER]
“The Midwest region offers the most affordable costs for a home and hence that region has seen better sales activity compared to other areas in recent months.”
Said Lawrence Yun, the NAR’s chief economist.
Click here to read the full report at the National Association of Realtors.
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