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By Kerry Smith<\/div><\/div>\n

NAR Chief Economist Yun says \u201cincreased housing inventory and better interest rates are essential\u201d for a real estate market rebound.<\/span><\/span><\/p>\n<\/div>\n

WASHINGTON \u2013 Pending home sales slid 7.1% in August, according to the National Association of Realtors\u00ae (NAR). All four U.S. regions posted monthly losses and year-over-year transaction declines.<\/span><\/span><\/p>\n

\u201cMortgage rates have been rising above 7% since August, which has diminished the pool of homebuyers,\u201d says Lawrence Yun, NAR chief economist. \u201cSome would-be homebuyers are taking a pause and readjusting their expectations about the location and type of home to better fit their budgets.\u201d<\/span><\/span><\/p>\n

The Pending Home Sales Index (PHSI) \u2013 a forward-looking indicator of home sales based on contract signings \u2013 sank 7.1% to 71.8 in August. Year over year, pending transactions fell by 18.7%. An index of 100 is equal to the level of contract activity in 2001.<\/span><\/span><\/p>\n

\u201cIt\u2019s clear that increased housing inventory and better interest rates are essential to revive the housing market,\u201d adds Yun.<\/span><\/span><\/p>\n

Pending home sales regional breakdown<\/strong>: The Northeast PHSI declined 0.9% month-to-month to 62.6, a drop of 18.2% year-to-year. The Midwest index dropped 7.0% to 71.3, down 19.1% from one year ago.<\/span><\/span><\/p>\n

The South PHSI fell 9.1% to 86.5 in August, down 17.6% from the prior year. The West index retreated 7.7% to 56.3, sinking 21.4% from August 2022.<\/span><\/span><\/p>\n

\u201cThe Federal Reserve must consider the sharply decelerating rent growth in its consideration of future monetary policy,\u201d says Yun. \u201cThere is no need to raise interest rates. Moreover, the government shutdown will disrupt some home sales in the short run due to the lack of flood insurance or delays in government-backed mortgage issuance.\u201d<\/span><\/span><\/p>\n

\u00a9 2023 Florida Realtors\u00ae<\/span><\/span><\/p>\n<\/div><\/div>\n

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\nAuthor: kerrys<\/p>\n","protected":false},"excerpt":{"rendered":"
By Kerry Smith NAR Chief Economist Yun says \u201cincreased housing inventory and better interest rates are essential\u201d for a real estate market rebound. WASHINGTON \u2013 Pending home sales slid 7.1% in August, according to the National Association of Realtors\u00ae (NAR). All four U.S. regions posted monthly losses and year-over-year transaction declines. \u201cMortgage rates have been rising above 7% since August, which has diminished the pool of homebuyers,\u201d says Lawrence Yun, NAR chief economist. \u201cSome would-be homebuyers are taking a pause and readjusting their expectations about the location and type of home to better fit their budgets.\u201d The Pending Home Sales Index (PHSI) \u2013 a forward-looking indicator of home sales based on contract signings \u2013 sank 7.1% to 71.8 in August. Year over year, pending transactions fell by 18.7%. An index of 100 is equal to the level of contract activity in 2001. \u201cIt\u2019s clear that increased housing inventory and better interest rates are essential to revive the housing market,\u201d adds Yun. Pending home sales regional breakdown: The Northeast PHSI declined 0.9% month-to-month to 62.6, a drop of 18.2% year-to-year. The Midwest index dropped 7.0% to 71.3, down 19.1% from one year ago. The South PHSI fell 9.1% to 86.5 in August, down 17.6% from the prior year. The West index retreated 7.7% to 56.3, sinking 21.4% from August 2022. \u201cThe Federal Reserve must consider the sharply decelerating rent growth in its consideration of future monetary policy,\u201d says Yun. \u201cThere is no need to raise interest rates. Moreover, the government shutdown will disrupt some home sales in the short run due to the lack of flood insurance or delays in government-backed mortgage issuance.\u201d \u00a9 2023 Florida Realtors\u00ae \u2715 ADVERTISEMENT Go to Source Author: kerrys<\/p>\n","protected":false},"author":4,"featured_media":8577,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[],"_links":{"self":[{"href":"https:\/\/nwfl4sale.com\/wp-json\/wp\/v2\/posts\/8576"}],"collection":[{"href":"https:\/\/nwfl4sale.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/nwfl4sale.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/nwfl4sale.com\/wp-json\/wp\/v2\/users\/4"}],"replies":[{"embeddable":true,"href":"https:\/\/nwfl4sale.com\/wp-json\/wp\/v2\/comments?post=8576"}],"version-history":[{"count":0,"href":"https:\/\/nwfl4sale.com\/wp-json\/wp\/v2\/posts\/8576\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/nwfl4sale.com\/wp-json\/wp\/v2\/media\/8577"}],"wp:attachment":[{"href":"https:\/\/nwfl4sale.com\/wp-json\/wp\/v2\/media?parent=8576"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/nwfl4sale.com\/wp-json\/wp\/v2\/categories?post=8576"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/nwfl4sale.com\/wp-json\/wp\/v2\/tags?post=8576"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}