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27

Pending Home Sales in U.S. Decline by Most Since January

By Tony Seruga

Contract signings for the purchase of previously owned U.S. homes fell in August by the most in seven months, reflecting limited inventory, the National Association of Realtors said Wednesday. The Realtors group’s revised forecast for the year calls for sales to weaken from 2016 in the wake of two hurricanes.

HIGHLIGHTS OF PENDING HOME SALES (AUGUST)
Index dropped 2.6% (est. 0.5% decline) after a 0.8% decline Gauge fell 3.1% from August 2016 on unadjusted basis Contract signings in the South were affected by Harvey, NAR says

Key Takeaways

A limited number of properties for sale fueled declines in contract signings for the fifth time in six months, a trend that will be made worse in the aftermath of hurricanes Harvey and Irma, the Realtors group said. Lean inventory is keeping prices climbing more than wages, creating a more challenging purchasing climate for first-time homebuyers…

Pending Home Sales in U.S. Decline by Most Since January

Categories : Real Estate

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