Boston real estate news: Low housing inventory hurting sections of the real estate market
Did you get concerned about the pending index falling another 10% last week?
The U.S. housing market is suffering from its lowest supply in history, and that is taking an increasingly hard toll on sales.
Pending home sales, a measure of signed contracts on existing homes, fell a wider-than-expected 10.6% in February compared with January, according to the National Association of Realtors. Sales were 0.5% lower year over year.
“The demand for a home purchase is widespread, multiple offers are prevalent, and days-on-market are swift,” said the Realtor’s chief economist, Lawrence Yun. “But contracts are not clicking due to record-low inventory.”