The National Association of Realtors is reporting that overall pending home sales declined 0.7% in July and have now fallen on an annual basis for seven consecutive months. The NAR’s Pending Home Sales Index (a forward-looking indicator based on contract signings) declined to 106.2 in July as well as reporting that contract signings are now down 2.3% year-over-year. The Realtors say that once again “inadequate supply” is to blame:
“The reason sales are falling off last year’s pace is that multiple years of inadequate supply in markets with strong job growth have finally driven up home prices to a point where an increasing number of prospective buyers are unable to afford it.” Said Lawrence Yun, the NAR’s chief economist.
Click here to read the full release at the National Association of Realtors.
