The latest pending home sales numbers from the National Association of Realtors show contracts to buy homes fell 5.4 percent in June and are now virtually unchanged from year before levels. Pending sales – which measure signed contracts to buy homes, not closings – are now 0.3 percent lower than last year at the same time. Dr. Lawrence Yun, NAR’s chief economist, says affordability remains the top issue. “The highest mortgage rates in nearly a year and the record-high national median home price together are contributing to a tepid housing market that is especially difficult for first-time home buyers,” Yun said. “However, job gains can help support housing demand.” According to the report, while contract signings are flat from last year in the West, South, and Midwest, the Northeast remains 2.2 percent higher and, in some cities – including Richmond, Kansas City, Sacramento, Virginia Beach, and San Francisco – they’re seeing double-digit, year-over-year increases. (source)
