Pending Home Sales Down 3% Year-Over-Year

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The National Association of Realtors recently reported that pending home sales were down 3%, year-over-year, according to their latest Pending Home Sales Index.  They cite “unrelenting inventory constraints” that are keeping overall activity below year ago levels.  A sale is listed as pending when the contract has been signed but the transaction hasn’t closed, though the sale usually is finalized within one or two months of signing.

“What continues to hold back sales is the fact that prospective buyers are increasingly having difficulty finding an affordable home to buy.”  Said Lawrence Yun, Chief Econmist for the NAR.

Click here to read the full release at the National Association of Realtors.