The National Association of Realtors is reporting that pending home sales decreased 2.5% in July, which the attribute to the lack of moderately-priced housing, among other variables. The NAR’s Pending Home Sales Index (a forward-looking indicator based on contract signings) decreased to 105.6 in July, down 2.5% from June. In addition, they reported that year-over-year contract signings were down 0.3%.
“Super-low mortgage rates have not yet consistently pulled buyers back into the market,” said Lawrence Yun, NAR chief economist. “Economic uncertainty is no doubt holding back some potential demand, but what is desperately needed is more supply of moderately priced homes.”