Pending home sales fell 2.5% in July, the National Association of Realtors (NAR) reports. The number of contract signings is down 0.3% compared with July 2018.
Pending home sales fell 2.5% in July, the National Association of Realtors (NAR) reports. The number of contract signings is down 0.3% compared with July 2018.
“Super-low mortgage rates have not yet consistently pulled buyers back into the market,” NAR Chief Economist Lawrence Yun said in a statement. “Economic uncertainty is no doubt holding back some potential demand, but what is desperately needed is more supply of moderately priced homes.”
Yun anticipates the median existing home sale price will increase 3% in 2020 to $278,500.
Each region saw pending home sales decline in July, falling 1.6%, 2.5%, 2.4% and 3.4% in the Northeast, Midwest, South and West, respectively.