United States Pending Home Sales

Pending home sales in the US were down 8.5% yoy in July of 2021, a second consecutive drop, amid limited supply. All four regions saw transactions decrease year-over-year. Compared to the previous month, pending sales dropped 1.8%, compared to market forecasts of a 0.4% rise. Only the West region registered a month-over-month gain in contract activity, while the other three major regions reported drops. "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. That said, inventory is slowly increasing and home shoppers should begin to see more options in the coming months", said Lawrence Yun, NAR's chief economist.