The leading indicator on housing market health slipped once again last month, according to new numbers just out from the National Association of Realtors.
According to NAR, pending home sales fell 1.8 percent last month, marking the second consecutive month of declines. Per Yahoo Finance, the results missed the expected 0.4 percent increase in sales, according to Bloomberg analysts’ consensus estimates.
“The market may be starting to cool slightly, but at the moment there is not enough supply to match the demand from would-be buyers,” said Lawrence Yun, NAR’s chief economist, in a press statement. “Homes listed for sale are still garnering great interest, but the multiple, frenzied offers—sometimes double-digit bids on one property—have dissipated in most regions.”
The only region to post an increase in sales was the West, where pending sales rose 1.9 percent in July. Pending sales in the Northeast region recorded a 6.6% decrease, while the Midwest saw a 3.3 percent decrease, followed by the South at just 0.9 percent.