Pending Home Sales Up 0.7% in May
The National Association of Realtors is reporting that pending home sales were up 0.7% in May, 2022. The NAR’s Pending Home Sales Index (a forward-looking indicator based on contract signings) climbed to 99.9. The NAR says pending home sales broke a six-month skid with this slight rise.
“Despite the small gain in pending sales from the prior month, the housing market is clearly undergoing a transition…Contract signings are down sizably from a year ago because of much higher mortgage rates.” Said Lawrence Yun, NAR’s chief economist.