Tag Archives: Pending Home Sales

Month-over-month, contract signings intensified in the Northeast but diminished in multiple other U.S. regions. First American Deputy Chief Economist Odeta Kushi commented, “While there remains quite a bit of demand for homes on the sidelines, you can't buy what's not for sale, even if you can afford it.”

Including pending home sales numbers, the National Association of Realtors also updated its annual economic forecasts for 2023 and 2024. Click through to find out how much pending home sales numbers changed from last year and to view the NAR’s economic forecast.

"It's clear that increased housing inventory and better interest rates are essential to revive the housing market," said NAR Chief Economist Yun. Click through for more on NAR’s August Pending Home Sales report.

Mortgage interest rates have remained stubbornly high in recent weeks, well after the summertime busy season moving into the tamer fall season.

A new report from the National Association of Realtors revealed contract signings rose in July, as pending home sales also increased for the second month in a row, according to NAR's latest Pending Home Sales Index.

While pending home sales rose a meaningful 0.7% in July, overall, this number is only marginally better than its low point hit in March earlier this year.

Home prices were up 3% year-over-year, despite stunted demand due to a shortage of homes, as inventory nationwide posts its biggest slide in 18 months.

The median U.S. home-sale price is up 3.2% year over year, the biggest increase since November, and mortgage rates remain elevated.

NAR reports that pending home sales nationwide rose in June, increasing in the Northeast and Midwest, while the South and West reported declines for the month.

Today, a monthly budget of $3,000 can afford a home valued at $450,000—a far cry from the $510,000 home it could have purchased a year ago.