Reported 9 months ago
After an increase in March, pending home sales dropped in May, with the Pending Home Sales Index hitting a record low, according to the National Association of Realtors (NAR). The index fell 2.1% from April to 70.8 in May, marking a 6.6% annual decline. Industry experts attribute this decrease to mortgage rate fluctuations. Although there may be a potential for the market to recover with falling mortgage rates and increasing inventory levels, affordability issues pose a challenge. NAR projects over 4.26 million existing homes to be sold in 2024 with a record median sales price of $405,300.
Source: YAHOO