Is The Real Estate Boom Going Bust? Pending Home Sales Tank Two Straight Months

Pending home sales surprisingly declined again in the month of July, despite increasing homebuilder sentiment and escalating home prices.

Pending home sales fell 1.8% (versus the expected 0.4 percent increase) in July from the previous month — and were down 8.5% from the same time a year ago. This, according to the National Association of Realtors. (Story continues below.)

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Pending sales in the Northeast region recorded a 6.6% (monthly) and 16.9% (year-over-year) decrease — the largest monthly and year-over-year decline since the data has been tracked. The West was the only region to see an uptick; sales increase 1.9% compared to June, however were still down 5.7% compared to a year ago.

“The market may be starting to cool slightly, but at the moment there is not enough supply to match the demand from would-be buyers,” said Lawrence Yun, NAR’s chief economist in a a statement. “That said, inventory is slowly increasing and home shoppers should begin to see more options in the coming months.

 

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