NAR: Pending Home Sales Down For Second Straight Month

U.S. Pending Home Sales Down in AprilWhile the spring season is usually one of the busiest times of the year for the housing market, pending home sales across the U.S. fell for the second straight month back in April.

According to new data released from the National Association of Realtors, its pending home sales index dropped 1.3% in April down to 109.8, after declining in March by 0.9% to 111.3.

Over the last 12 months, NAR’s pending home sales index has dropped by 3.3% overall, which economists are attributing to fewer available properties on the market as perhaps the primary cause for the sudden drop in sales.

Simply put, fewer potential buyers have become less likely to purchase a home with prices continuously trending upward, and fewer people than expected are putting their home on the market despite increasing home values, which is something many industry experts weren’t expecting.

Over that same 12-month span, housing inventory has declined by a whopping 9% nationwide, and with new construction widely failing to keep up with demand, the real estate market’s supply woes aren’t likely to go anywhere anytime soon. And with pending sales contracts a pretty accurate barometer for the future pace of home sales, it’s certainly possible we may see somewhat of a slowdown here in the Twin Cities and throughout many parts of the U.S. heading into the summer months.

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