14 Consecutive Months of Year-Over-Year Gains in Pending Home Sales

While overall June pending home sales declined by 1.4% from May, the National Association of Realtors (NAR) reports that June figures are 9.5% higher than they were in June 2011, marking a 14th consecutive month when pending home sales were higher than the same period the prior year. Chief NAR economist, Lawrence Yun, poses that one of the major obstacles facing the housing market today are inventory shortages. Yun states, “Buyer interest remains strong but fewer home listings mean fewer contract signing opportunities. We’ve been seeing a steady decline in the level of housing inventory, which is most pronounced in the lower price ranges popular with first-time buyers and investors.” http://bit.ly/O2FbyN

Share this article: