RISMedia
  • News
  • Premier
  • Publications
  • Events
  • Education
  • Newsmakers
  • Power Broker
No Result
View All Result
  • Agents
  • Brokers
  • Teams
  • Marketing
  • Coaching
  • Technology
  • More
    • Headliners New
    • Luxury
    • Best Practices
    • Consumer
    • National
    • Our Editors
Join Premier
Sign In
RISMedia
  • News
  • Premier
  • Publications
  • Events
  • Education
  • Newsmakers
  • Power Broker
No Result
View All Result
RISMedia
No Result
View All Result

Pending Home Sales Slip, Trampled by West

Home Latest News
By RISMedia Staff
October 2, 2018
Reading Time: 2 mins read
Pending Home Sales Slip, Trampled by West

Decreasing real estate sales - 3D illustration of five house-shaped symbols and a graph falling with a red arrow

For the housing market, gaining ground is proving to be a struggle.

On an annual basis—and for the eighth month in a row—pending home sales slipped, according to the August National Association of REALTORS® (NAR) Pending Home Sales Index (PHSI). Activity backtracked 1.8 percent month-over-month and 2.3 percent year-over-year.

According to the Index, activity contracted in all of the regions in the U.S. In the Midwest, activity declined 0.5 percent from July, and 1.1 percent from the prior year; in the Northeast, activity decreased 1.3 percent from July, and 1.6 percent from the prior year; in the South, activity dipped 0.7 percent from July, but rose 1.3 percent from the prior year; and in the West, activity fell 5.8 percent from July, and 11.3 percent from the prior year.

NAR_Pending_Aug18

“Pending home sales continued a slow drip downward, with the fourth month-over-month decline in the past five months,” says Lawrence Yun, chief economist at NAR. “Contract signings also fell backward again last month, as declines in the West negatively impacted overall activity. The greatest decline occurred in the West region, where prices have shot up significantly, which clearly indicates that affordability is hindering buyers—and those affordability issues come from lack of inventory, particularly in moderate price points.”

The good news? Yun anticipates relief—but at what point is uncertain.

“With prices having risen so quickly, many consumers were deciding to wait to list their homes hoping to see additional price and equity gains; however, with indications that buyers are beginning to pull out, price gains are going to decelerate and potential sellers are considering that now is a good time to list and bring more properties to the market,” Yun says.

Additionally, while affordability is being constrained by increasing rates, advancements on the employment front could offset the pressure.

“We have two opposing factors affecting the market: the negative impact of rising mortgage rates and the positive impact of continued job creation,” says Yun. “This should lead to future homes sales staying fairly neutral. As long as there is job growth, rising mortgage rates will hinder some buyers—but job creation means second or third incomes being added to households, which gives consumers the financial confidence to go out and make a home purchase.”

For more information, please visit www.nar.realtor. 

For the latest real estate news and trends, bookmark RISMedia.com.

Tags: Home PricesHousing InventoryNARPending Home Salesreal estate newsReal Estate News and InformationReal Estate Trends
ShareTweetShare

RISMedia Staff

Related Posts

Top-Producer Roundtable: Superstar Agents Discuss How They Win
Agents

Top-Producer Roundtable: Superstar Agents Discuss How They Win

May 18, 2022
Housing Starts Slowed in April
Agents

Housing Starts Slowed in April

May 18, 2022
Mortgage Applications Plummet Again
Agents

Mortgage Applications Plummet Again

May 18, 2022
Homebuyers May Find Less Competition Near City Centers for the First Time in Years
Agents

Homebuyers May Find Less Competition Near City Centers for the First Time in Years

May 18, 2022
United Real Estate’s Vice President of Marketing Named a Kansas City ‘40 Under Forty’
Agents

United Real Estate’s Vice President of Marketing Named a Kansas City ‘40 Under Forty’

May 18, 2022
RISMedia Honors New-Agent Success With Annual ‘Real Estate Rookie of the Year’ Award
Latest News

RISMedia Honors New-Agent Success With Annual ‘Real Estate Rookie of the Year’ Award

May 18, 2022

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Tip of the Day

SEO Can Be Done In-House

The REW Forums give you access to learn how to do your own SEO. Check out www.rew.com/forums/ for free!

Business Tip of the Day provided by
REGISTER NOW

Recent Posts

  • Top-Producer Roundtable: Superstar Agents Discuss How They Win
  • Housing Starts Slowed in April
  • Mortgage Applications Plummet Again

Categories

  • Spotlights
  • Best Practices
  • Advice
  • Marketing
  • Technology
  • Social Media

The Most Important Real Estate News & Events

Click below to receive the latest real estate news and events directly to your inbox.

Sign Up
By signing up, you agree to our TOS and Privacy Policy.

About Blog Our Products Our Team Contact Advertise/Sponsor Media Kitt Email Whitelist Terms & Policies

© 2022 RISMedia. All Rights Reserved. Design by Real Estate Webmasters.

No Result
View All Result
  • Home
  • Premier
  • News
    • Agents
    • Brokers
    • Teams
    • Consumer
    • Marketing
    • Coaching
    • Technology
    • Headliners New
    • Luxury
    • Best Practices
    • National
    • Our Editors
  • Publications
    • Real Estate Magazine
    • Past Issues
    • Custom Covers
  • Events
    • Upcoming Events
    • Podcasts
    • Event Coverage
  • Education
    • Get Licensed
    • REALTOR® Courses
    • Continuing Education
    • Luxury Designation
    • Real Estate Tools
  • Newsmakers
    • 2022 Newsmakers
    • 2021 Newsmakers
    • 2020 Newsmakers
    • 2019 Newsmakers
  • Power Broker
    • 2022 Power Broker
    • 2021 Power Broker
    • 2020 Power Broker
    • 2019 Power Broker
  • Join Premier
  • Sign In

© 2022 RISMedia. All Rights Reserved. Design by Real Estate Webmasters.