Pending home sales failed to add a third month onto the mini rally it staged in June and July. The National Association of Realtors® (NAR) said its Pending Home Sale Index (PHSI) declined 7.1 percent to 71.8 in August and is now down 18.7 percent from its August 2022 level. The PHSI ended a three-month decline in June, rising 0.3 percent followed by a 0.9 percent increase in July. [pendinghomesdata] The PHSI is based on contracts signed during the month to purchase existing single-family houses, condos, and cooperative apartments. It is a leading indicator of those sales which are expected to close over the following 30 to 60 days. NAR will report September’s existing sales on October 19. “Mortgage rates have been rising above 7 percent since August, which has diminished the pool of home buyers,” said Lawrence Yun, NAR chief economist. “Some would-be home buyers are taking a pause and readjusting their expectations about the location and type of home to better fit their budgets.” “It’s clear that increased housing inventory and better interest rates are essential to revive the housing market ,” added Yun. The index in all four of the nation’s major regions declined compared to both July and to the prior August. The Northeast PHSI was down 0.9 percent to 62.6 and was 18.2 percent lower on an annual basis. The index for the Midwest lost 7.0 percent and 19.1 percent compared to the two earlier periods to a reading of 71.3.
Related Articles
Deal or no deal? What opting in to NAR’s settlement could mean for some of the nation’s largest brokerages
March 20, 2024
Mariel Alumit
Housing Wire
Comments Off on Deal or no deal? What opting in to NAR’s settlement could mean for some of the nation’s largest brokerages
For many real estate brokerages and roughly 1 million Realtors, the nationwide settlement agreement that the National Association of Realtors (NAR) negotiated due to the ongoing commission lawsuits marks the end of their cooperative […]
NAR board votes to leave dues unchanged in 2025
May 13, 2024
Mariel Alumit
Housing Wire
Comments Off on NAR board votes to leave dues unchanged in 2025
The National Association of Realtors’ (NAR) board of directors voted to leave member dues unchanged in 2025. The vote occurred Thursday during the final day of NAR’s midyear conference, the Realtors Legislative Meetings, according […]
Which brokerages will thrive in a post-NAR settlement world?
March 21, 2024
Mariel Alumit
Housing Wire
Comments Off on Which brokerages will thrive in a post-NAR settlement world?
Like with most things in life, real estate brokerages come in a variety of shapes and size, from white-glove service firms to discount brokerages to flat-fee firms that offer al a carte services. While […]