Home sales were down in May across the U.S. and so to were pending sales. According to numbers just released by the National Association of Realtors, contract signings fell 2.1 percent last month.
Month-over-month, pending sales declined in the Midwest and South but increased in the Northeast and West.
“The market is at an interesting point with rising inventory and lower demand,” said NAR Chief Economist Lawrence Yun. “Supply and demand movements suggest easing home price appreciation in upcoming months. Inevitably, more inventory in a job-creating economy will lead to greater home buying, especially when mortgage rates descend.”
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