Pending home sales in July were at a level of 109.1 on the National Association of Realtors Pending Home Sales Index, a decrease of 0.8 from June’s level of 110.
“With the exception of a minimal gain in the West, pending sales were weaker in most areas in July as house hunters saw limited options for sale and highly competitive market conditions,” said NAR Chief Economist Lawrence Yun in a statement. “The housing market remains stuck in a holding pattern with little signs of breaking through. The pace of new listings is not catching up with what’s being sold at an astonishingly fast pace.”
The PHSI in the Northeast decreased 0.3 percent to 97.7. In the Midwest, the PHSI declined 0.7 percent to 103.3. The South declined 1.7 percent to 123.1. The West saw the PHSI increase 0.6 percent to 102.3.
