The National Association of Realtors is reporting that pending home sales dropped 1.5% in October, 2023. The NAR’s Pending Home Sales Index (a forward-looking indicator based on contract signings) came in at 71.4 in October. The NAR says inventory is adversely affecting demand:
“Recent weeks’ successive declines in mortgage rates will help qualify more home buyers, but limited housing inventory is significantly preventing housing demand from fully being satisfied… [HOWEVER] Home sales are rising in places where more inventory is available,” Said the NAR’s Chief Economist, Lawrence Yun.
Click here to read the full report at the National Association of Realtors.
