The National Association of Realtors is reporting that pending home sales were up 8.1% in August, 2021. The NAR’s Pending Home Sales Index (a forward-looking indicator based on contract signings) fell to 119.5. In addition, they report that year-over-year contract signings were down 8.3%.
“Rising inventory and moderating price conditions are bringing buyers back to the market,” said Lawrence Yun, NAR’s chief economist. “Affordability, however, remains challenging as home price gains are roughly three times wage growth.”