Tara Schulz
- The U.S. Pending Home Sales Index dropped by 2.10% in May from -7.70% in April 2024.
- Midwest and South posting monthly losses in transactions, while the Northeast and West recorded gains.
- On a year-over-year basis, contract signings dropped 6.6%, all U.S. regions registered reductions year-over-year.
- “The market is at an interesting point with rising inventory and lower demand,” said NAR Chief Economist Lawrence Yun. “Supply and demand movements suggest easing home price appreciation in upcoming months. Inevitably, more inventory in a job-creating economy will lead to greater home buying, especially when mortgage rates descend.”
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