Right now, home prices are soaring, and there is very low inventory in many places nationwide. In fact, during February, the pace of homes under contract fell 10.6%. This was the sixth straight monthly decline. In addition, February’s pending home sales were down 0.5% compared to a year ago. In fact, this was the first time they fell YoY in eight months.
Usually, such decline can be due to a drop in demand from homebuyers. However, right now that is not the case. In fact, NAR has attributed the declines to the record low levels of housing on the market. There is a record low inventory, that is causing contracts not to click.
Read full article: https://therealdeal.com/miami/2021/03/31/pending-home-sales-plunged-nearly-11-in-february/
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