NAR: Pending Home Sales Drop 1.8% in July

Yr-to-year contract signings declined eight.5%. NAR Main Economist Lawrence Yun claims the market place may be cooling a little bit, but there’s continue to not plenty of provide to match need – yet “inventory is slowly increasing” and prospective buyers need to “see much more possibilities in the coming months.”

WASHINGTON – Pending dwelling product sales dipped modestly in July for two consecutive months of declines, according to the Countrywide Association of Realtors® (NAR). Only the West location registered a month-above-month gain in contract action the other three U.S. areas in the analyze saw drops. Yr-to-year, all 4 areas decreased.

The Pending Property Product sales Index (PHSI) – a ahead-wanting indicator of dwelling product sales centered on contract signings – declined one.eight% to a hundred and ten.seven in July. Yr-above-year, signings fell eight.5%. An index of one hundred is equal to the stage of contract action in 2001.

“The market

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