top of page
Search

For Fifth Month Straight, Pending Home Sales Slide

  • Writer: ds5188
    ds5188
  • Jun 28, 2018
  • 1 min read

In a continuing downtrend, May’s pending home sales slid, declining 0.5 percent for the fifth month in a row (year-over-year), according to the National Association of REALTORS® (NAR) Pending Home Sales Index (PHSI).

Despite gains in three of the four major regions in the U.S., a considerable drop in the South tamped down the total. Activity increased 2.9 percent in the Midwest, 2 percent in the Northeast and 0.6 percent in the West, but slumped 3.5 percent in the South.

📷

“Pending home sales underperformed once again in May, declining for the second straight month and coming in at the second-lowest level over the past year,” says Lawrence Yun, chief economist at NAR. “REALTORS® in most of the country continue to describe their markets as highly competitive and fast-moving, but without enough new and existing inventory for sale, activity has essentially stalled.

“With the cost of buying a home getting more expensive, it’s clear the summer months will be a true test for the housing market,” Yun says. “One encouraging sign has been the increase in new-home construction to a 10-year high. Several would-be buyers this spring were kept out of the market because of supply and affordability constraints. The healthy economy and job market should keep many of them actively looking to buy, and any rise in inventory would certainly help them find a home.”

 
 
 

Comments


"In Business, I Look for Economic Castles Protected by Unbreachable Moats" - Warren Buffett

CPREI-ALT-LOGO_SLOGAN_Master.png

626 Washington Street | Hoboken, NJ 07030

© 2019 CastlePoint REI, All Rights Reserved 

Images and renderings are for marketing purposes only.  While all efforts have been made to accurately reflect an accurate representation of final colors, features and finishes, items may vary slightly when completed.  Certain items finishes and furnishings are not included.  Refer to MLS or finish specs.  All information is from sources deemed reliable, but is subject to errors, omissions, price adjustments, or withdrawal without notice. All room dimensions and square footage calculations are approximated based on final architectural plans.  Final property tax calculations may only be obtained from the Jersey City Tax Assessor.

bottom of page