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:

This entry was posted in Housing Market, Uncategorized by Stephanie Sievers. Bookmark the permalink.

About Stephanie Sievers

Stephanie Sievers is Associate Editor for the Illinois Association of REALTORS®. She serves as Associate Editor for IAR publications including the Illinois REALTOR® magazine and all other IAR publications. She is responsible for developing content for the Illinois REALTOR® Weekly Connection e-newsletter, coordinates the IAR Twitter account content at ILREALTOR and plans and develops content for videos. She assists in developing and writing content for the IAR blog. She also is involved in researching and drafting news releases and coordinates the news media distribution database and newsclips reports for the Association. She also assists in IAR spokesperson training seminars and is involved in development of association briefing materials on issues. She assists with the housing statistics program and reports.