Pending Home Sales are following the usual seasonal pattern, fading quickly after the summer jump. Year-over-year, pending home sales are up just 2% (NSA), less than the expected 4% rise and considerably slower than the same time last year.
As NAR’s Larry Yun notes,
“The one major predicament in the housing market is without a doubt the painfully low levels of housing inventory in much of the country,“
“It’s leading to home prices outpacing wages, properties selling a lot quicker than a year ago and the home search for many prospective buyers being highly competitive and drawn out because of a shortage of listings at affordable prices.“
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