According to the National Association of Realtors (NAR), its Pending Home Sales Index dropped 2.7% MoM to 76.5 in May. This is the lowest level since last December. West, Midwest, and South posted MoM declines of 6.1%, 5.3%, and 4.4%, respectively, while the Northeast recorded a 12.9% MoM increase. - All four regions in the U.S. saw YoY declines.
- Chief Economist at NAR, Lawrence Yun, said the housing market is resilient with around three offers registered for each listing and the lack of inventory is preventing the housing demand from being fully realized.
- Yun suggested authorities need to focus on improving existing-home inventory with temporary tax incentive measures.
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