The National Association of Realtors has released its monthly pending sales report, showing a 2.7 percent decline in May nationally. Year over year, pending transactions fell by 22.2 percent.
“Despite sluggish pending contract signings, the housing market is resilient with approximately three offers for each listing,” said NAR Chief Economist Lawrence Yun, “The lack of housing inventory continues to prevent housing demand from being fully realized.”
Month over month, contract signings decreased in three U.S. regions but jumped in the Northeast. The West index lessened 6.1 percent in May to 58.4, falling 26.6 percent from May 2022.