The National Association of Realtors is reporting that pending home sales were down 10.6% in February, 2021. The NAR’s Pending Home Sales Index (a forward-looking indicator based on contract signings) fell to 110.3 In addition, they report that year-over-year contract signings were down 0.5%. Once again, like a scratched-up CD that keeps on skipping, record-low low-inventory is to blame.
“The demand for a home purchase is widespread, multiple offers are prevalent, and days-on-market are swift but contracts are not clicking due to record-low inventory,” said Lawrence Yun, NAR’s chief economist.
Click here to read the full report at the National Association of Realtors.
