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Inventories Continue to Constrain Home Purchase Activity

Posted To: MND NewsWire

While existing home sales have increased in the last two months after a four-month slump, those sales don’t look especially bright as we head into the fall and winter doldrums. The National Association of Realtors® (NAR) says pending home sales dipped modestly in July, following a 1.9 percent dip in June. Its Pending Home Sales Index (PHSI), a leading indicator of existing home sales, fell 1.8 percent from its June level to a reading of 110.7. It was the fifth time this measure, based on contracts to purchase single-family homes, townhouses, condos, and cooperative apartment, has retreated in the last seven months. The index is now down 8.5 percent from the July 2020 level of 121.0. “The market may be starting to cool slightly, but at the moment there is not enough supply to match the demand…(read more)

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