The National Association of Realtors is reporting that pending home sales dropped 2.1% in in May, 2024. The NAR’s Pending Home Sales Index (a forward-looking indicator based on contract signings) came in at 70.8 in May. The NAR says month over month, contract signings declined in the Midwest and South but increased in the Northeast and West. In addition, compared to one year ago, pending home sales declined in all U.S. regions.
“The market is at an interesting point with rising inventory and lower demand…Supply and demand movements suggest easing home price appreciation in upcoming months. Inevitably, more inventory in a job-creating economy will lead to greater home buying, especially when mortgage rates descend” Said the NAR’s Chief Economist, Lawrence Yun.
Click here to read the full report at the National Association of Realtors.
