The National Association of Realtors is reporting that overall pending home sales declined 0.5% in September. The NAR’s Pending Home Sales Index (a forward-looking indicator based on contract signings) declined to 104.6 in September as well as reporting that, year-over-year, contract signings are down 1%, marking the ninth straight month of annual decreases. The Realtors once again say that low inventory is partly to blame for the housing market’s slowdown but buyers might just be waiting for more inventory before they pounce. Indeed…
Lawrence Yun, NAR chief economist, says that even though we are still seeing year-over-year declines, the latest monthly increase is a good, stabilizing trend. “This shows that buyers are out there on the sidelines, waiting to jump in once more inventory becomes available and the price is right,” he said.
Click here to read the full release at the National Association of Realtors.
