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Pending Home Sales Down Again: NAR Blames "Staggering Lack of Inventory"

• https://mishtalk.com, by Mish

The National Association of Realtors (NAR) also revised June pending sales from +1.5% to +1.3%.

NAR chief economist Lawrence Yun blames a "Staggering" Lack of Inventory.

Last month's resurgence in pending home sales didn't last long. Sales ended a three-month fad in June with a 1.5 percent increase in the Pending Home Sales Index (PHSI), but it dropped back by 0.8 percent in July. The National Association of Realtors®(NAR) says its PHSI registered 109.1 percent from a downwardly revised 110.0 in June. The June index was originally reported at 110.2.

The July number was 1.3 percent lower than the PHSI a year earlier and has now fallen year-over-year in three of the last four months. NAR said the West was the only region so show a slight gain.

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