We may not be quite in a recovery period yet, but we are leading in that direction. Now that people have gotten over the sticker shock of the increased mortgage rates, they are starting to show more interest in buying a home. Pending home sales were down in the month of May, but one of the reasons for the low numbers is because there is a lack of inventory. The lack of sellers may attribute to the high mortgage rates that sellers do not want to pay to buy a new home, but buyers are definitely looking for homes. One group that is enjoying the lack of inventory is home builders. The number of new home sales went up 12%, in May, around the country. Meanwhile, according to the National Association of Realtors, the total number of homes sales across the country dropped 2.7% between April and June of 2023.
Read the Original Article Here: U.S. Pending Home Sales Fall but the Housing Market Is in Recovery Mode