Meager listings prompt pending home sales slip

Contract signing activity remains high and the small drop is not for lack of demand

By Marian McPherson | inman

What goes up must come down, and that’s true for The National Association of Realtors Pending Home Sales Index, which took a dip this month after a string of impressive numbers.

March’s PHSI, which is based on contract signings, dipped to 111.4, a 0.8 percentage point drop from February’s 112.3.

NAR chief economist Lawrence Yun says low inventory levels hindered pending sales, but March’s numbers are the third best in the past year.

“Home shoppers are coming out in droves this spring and competing with each other for the meager amount of listings in the affordable price range,” he said.

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