Tag Archives: PHSI

"The small gain in contract signings shows the potential for further increases in light of the fact that many people have lost out on multiple home buying offers," said NAR Chief Economist Lawrence Yun.

According to a new report from the National Association of Realtors, pending home sales slipped nearly 3% in May, while contract signings jumped in the Northeast but decreased month-over-month in three major U.S. regions.

“Although buyers, sellers, and builders are all more optimistic about the housing market, asking home price growth is easing and the typical home sales price is slipping. These point to the nudge that buyers need to act on their improving outlook,” said Realtor.com Chief Economist Danielle Hale.

Potential home sales decreased on a monthly and yearly basis, due in part to low inventory. Click through to find out how that affects future sales.

According to said NAR Chief Economist Lawrence Yun, “Pending home sales recorded the second-lowest monthly reading in 20 years as interest rates, which climbed at one of the fastest paces on record this year, drastically cut into the number of contract signings to buy a home.”

The latest analysis from the National Association of Realtors revealed pending home sales slipped in September, down 10.2% from August, decreasing in all regions compared to 2021.

While the housing market remains unbalanced nationwide, with demand far outpacing supply, contract signings are down significantly from a year ago due to inflated mortgage rates.