NAR: Pending home sales up 10.3% from last year

 · The pending home sales index fell by 1.8%, from a July reading of 106.1 to an August reading of 104.2. The August index is down 2.3% compared with August 2017 and has now lagged year.

With last month’s decline, sales are now 1.4 percent below a year ago and have fallen year-over-year for two straight months. See and share an infographic about home buyer and seller trends. Lawrence Yun, NAR chief economist, says this spring’s staggeringly low inventory levels caused existing sales.

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Contract signings to purchase previously owned U.S. homes. were up 2.5 percent in the 12 months ended in September on an unadjusted basis after a 6.6 percent gain in the year through August, the.

The December inventory decreased 11.4%, and is 10.3% lower than a year ago, having decreased for the 31st consecutive month. At the current sales rate, the December unsold inventory represents a 3.2-month supply, the lowest since NAR began this series in 1999. December existing sales reached a seasonally adjusted rate of 5.57 million units, compared to a downwardly revised 5.78 million in November. Total existing home sales include single-family homes, townhomes, condominiums and co-ops.

December 2018 Housing Minute was up from 107.1% last month and up from 98.5% in December of last year. Inventory / New Listings / Sales ‘This last view of the market combines monthly inventory of Properties for sale along with New Listings and Sales. The graph shows the basic annual seasonality of the market as well as the relationship between these items.

The National Association of Realtors® (NAR) said its Pending Home Sales Index (PHSI), which is based on contract signings, dropped 1.8 percent to 104.2 from the July reading of 106.2.

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Pending home sales dropped 2.6% vs. last month and dropped 2.6% vs. last year. The index is at the lowest level since January 2016. The National Association of Realtors revised down their forecast.

Pending sales are down 2.6% from last month, and closed sales dropped 12.1%. However, despite these dips it was still the strongest July for new listings since 2008. Average sale price is also risen 10.3% higher than the average price in July of last year.

The ongoing supply shortages that are propping up home prices in many metro areas caused pending home sales in May to slump for. since November and December of last year. Lawrence Yun, chief.

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US existing-home sales cratered to 4.99 million in December, 10.3% below the mark from the year-ago period. That followed year-over-year declines of 7.8% in November and 5.1% in October, according.