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Financial News: U.S. Pending Home Sales Unexpectedly Drop 0.8% In

U.S. Pending Home Sales Unexpectedly Drop 0.8% In May

06/28/2017 - 10:17:00 (RTTNews)

(RTTNews) - Pending home sales in the U.S. unexpectedly decreased for the third consecutive month in May, according to a report released by the National Association of Realtors on Wednesday.

NAR said its pending home sales index fell by 0.8 percent to 108.5 in May from a downwardly revised 109.4 in April. Economists had expected the index to climb by 0.8 percent.

A pending home sale is one in which a contract was signed but not yet closed. Normally, it takes four to six weeks to close a contracted sale.

"Monthly closings have recently been oscillating back and forth, but this third consecutive decline in contract activity implies a possible topping off in sales," said NAR chief economist Lawrence Yun.

"Buyer interest is solid, but there is just not enough supply to satisfy demand," he added. "Prospective buyers are being sidelined by both limited choices and home prices that are climbing too fast."

The report said pending home sales in the West and South tumbled by 1.3 percent and 1.2 percent, respectively.

Pending home sales in the Northeast also slid by 0.8 percent, while pending sales in the Midwest were unchanged compared to the previous month.

NAR also said existing home sales are forecast to be around 5.63 million this year, an increase of 3.2 percent from 5.45 million in 2016.

The national median existing home price is expected to surge up by around 5 percent this year after jumping by 5.1 percent last year, NAR added.

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