Home sales fell in the US

The National Association of Realtors (NAR) has announced its Pending Home Sales Index for May.

As a result, the US Pending Home Sales Index declined 2.7 percent from the previous month to 76.5 in May.

Market expectations were for such data to rise 0.2 percent. Pending home sales decreased 0.4 percent on the month to 78.6 in April.

22.2 PERCENTAGE OF DECREASE

Pending home sales fell 22.2 percent on-year in May.

NAR Chief Economist Lawrence Yun, whose views are included in the statement, said the housing market is resilient despite sluggish pending home sales: “A lack of housing inventory continues to prevent the full realization of the demand for housing. he performed the assessment of it.

Noting that the increase in housing production is encouraging, but the supply of new construction is time-consuming and insufficient, Yun said it should focus more on increasing existing housing stock with temporary tax incentive measures.

US Pending Home Sales data shows the change in the number of homes sold and signed but pending due to the closing process not being completed. (AA)