“The Pending Home Sales Index, a forward-looking indicator based on contract signings, decreased 0.5 percent to 105.9 in May from 106.4 in April,” reported the National Association of Realtors on Wednesday.
Key quotes from the official publication
•Pending home sales under-performed once again in May, declining for the second straight month and coming in at the second lowest level over the past year.
•Realtors in most of the country continue to describe their markets as highly competitive and fast moving, but without enough new and existing inventory for sale, activity has essentially stalled.
•With the cost of buying a home getting more expensive, it’s clear the summer months will be a true test for the housing market.