Pending Home Sales Dip For the Second Consecutive Month
May marked the second consecutive month with a drop in pending home sales according to a recent report from the National Association of Realtors in Washington. The dip looks to be quite a shock to industry professionals.
"The index decreased 0.5% month-over-month (the estimate was a 0.5% rise) to 105.9, the lowest since January, after a 1.3% drop," according to National Mortgage News.
"The gauge fell 2.8% year-over-year on an unadjusted basis after a 0.3% increase in April."
The report reveals that the majority of the decline came from the South, with the other three regions seeing increases. In addition, home buyers are feeling the crunch with little options for affordable homes.
"The lack of for-sale properties is pushing housing prices higher while wages struggle to keep up. Nonetheless, a solid job market and lower taxes are padding consumers' pocketbooks and are expected to underpin housing demand," according to NMN.
To learn more about the decline in pending home sales for May 2018 and what it says about current buying conditions, click on the image above.