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Lack of Supply Stymies Pending Home Sales

“This third consecutive decline in contract activity implies a possible topping off in sales,” says Lawrence Yun at the National Association of Realtors.

National Association of Realtors economist Lawrence Yun Yun says would-be buyers are being sidelined by “both limited choices and home prices that are climbing too fast.”

WASHINGTON, DC—You can’t buy what isn’t available. A self-evident statement, but it underscores the dilemma facing would-be homebuyers and helps to explain why pending home sales declined in May for the third consecutive month. The National Association of Realtors said Wednesday that no region of the US saw an increase in contract activity last month.

NAR’s Pending Home Sales Index, based on contract signings, decreased 0.8% to 108.5 in May from a downwardly revised 109.4 in April. The index is now 1.7% lower than a year ago, marking the second straight annual decline and the most recent since November and December of 2016.

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Paul Bubny

Paul Bubny

Paul Bubny is managing editor of Real Estate Forum and GlobeSt.com. He has been reporting on business since 1988 and on commercial real estate since 2007. He is based at ALM Real Estate Media Group's offices in New York City.

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