Pending Homes Sales in Boston

Pending home sales slid in July despite improvements in housing supply, affordability and mortgage rates as buyers remained on the sidelines, the National Association of REALTORS® said.   

The pace of sales ticked 0.4% lower month over month and 0.7% lower year over year nationwide, NAR said, adding that the West was the only geographic region to see a monthly gain, while the Midwest and South were the only areas with annual increases. 

“Even with modest improvements in mortgage rates, housing affordability and inventory, buyers still remain hesitant,” NAR Chief Economist Lawrence Yun said. “Rising mortgage applications for home purchase are an early indicator of more serious buyers in the marketplace, though many have not yet committed to a pending contract. The Federal Reserve signaling that they may enact a lower interest rate policy should steadily enlarge the pool of eligible home buyers in the upcoming months.”