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.”
“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.