Inventory shortages restrict growth in pending home sales

Julie C. Nichols General

Reblogged from Housing Wire – Brenda Swanson

Pending home sales barely moved in October as the housing market starts to flatline in the fall, the most recent report from the National Association of Realtors said.

The Pending Home Sales Index, a forward-looking indicator based on contract signings, marginally increased 0.2% to 107.7 in October from an upwardly revised 107.5 in September and is now 3.9% above October 2014 (103.7).

This marks 14 consecutive months of year-over-year increases, but the news isn’t all good.

Pending sales have plateaued this fall as buyers struggle to overcome a scant number of available homes for sale and prices that are rising too fast in some markets, Lawrence Yun, NAR chief economist, said.

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