Top
image credit: Pixabay

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

March 31, 2021

Via: CNBC
Category:

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