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US Pending Home Sales Shrunk 2.7% in May
Pending home sales shrunk 2.7% in May from the previous month, according to the National Association of REALTORS®. Three U.S. regions posted monthly losses, while sales in the Northeast surged. All four regions saw year-over-year declines in transactions. “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.” The Pending Home Sales Index (PHSI)* – a forward-looking indicator of home sales based on ... (full story)
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