North Phoenix News
Pending home sales slid for the fourth time in five months across the country in July as “staggering inventory woes” continue to keep a lid on what’s available in the resale market, according to a report out today from the National Association of Realtors.
The picture is similar locally, where inventory in July tightened in four of the five NoPho zones analyzed by North Phoenix News and In&Out Magazine, as reported earlier this month.
The Pending Home Sales Index is a forward-looking indicator of sales figures, based on signed contracts yet to be closed. The index was down 0.8 percent in July to 109.1 and is 1.3 percent below a year ago. The index rose only in the western states, where it still remains 4.0 percent below a year ago.