NAR: Pending home sales being affected by housing inventory

Pending home sales dipped slightly in June in part because of inventory shortages, according to the latest Pending Home Sales Index released by the National Association of REALTORS® (NAR) today. Pending sales are still higher than a year ago, however, marking 14 consecutive months of year-over-year gains.

“Buyer interest remains strong but fewer home listings mean fewer contract signing opportunities,” said NAR Chief Economist Lawrence Yun.  “We’ve been seeing a steady decline in the level of housing inventory, which is most pronounced in the lower price ranges popular with first-time buyers and investors.”

Watch a video with Yun discussing the pending home sale picture in more detail:

Leave a Reply

Your email address will not be published. Required fields are marked *