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Contract Activity Unchanged in April
Dated: May 31 2023
Views: 106
According to the National Association of Realtors (NAR), the Pending Home Sales Index, which measures the number of contracts signed to buy homes each month, remained unchanged in April compared to the previous month. However, it was lower compared to the same time last year. Regionally, contract activity increased in the Midwest, West, and South but experienced an 11.3 percent decline in the Northeast.
Lawrence Yun, the NAR's chief economist, highlighted that although Americans strongly desire to purchase homes, limited inventory prevents many transactions from being completed. He emphasized the importance of increasing housing inventory to address this issue and enable more Americans to enter the housing market. Affordability challenges were also identified as a factor holding back contract signings.
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