image credit: Pixabay

Pending home sales fell over 10% in February, as record low supply stifles the housing market

March 31, 2021


The U.S. housing market is suffering from its lowest supply in history, and that is taking an increasingly hard toll on sales.

Pending home sales, a measure of signed contracts on existing homes, fell a wider-than-expected 10.6% in February compared with January, according to the National Association of Realtors. Sales were 0.5% lower year over year.

“The demand for a home purchase is widespread, multiple offers are prevalent, and days-on-market are swift,” said the Realtor’s chief economist, Lawrence Yun. “But contracts are not clicking due to record-low inventory.”

Read More on CNBC