"Housing Market Filled With ‘Wait-and-See’ Home Buyers"
Posted by Grossman & Jones Group on
Realtor Magazine reports, "Contract signings fell last month to the lowest level on record, as the housing market continued trudging through a sluggish summer. The National Association of REALTORS®’ newly released Pending Home Sales Index—a forward-looking indicator of home sales based on contract signings—dropped 5.5% in July and was down 8.5% compared to a year earlier.
“A sales recovery did not occur in midsummer,” says Lawrence Yun, NAR’s chief economist. “The positive impact of job growth and higher inventory could not overcome affordability challenges and some degree of wait-and-see related to the upcoming U.S. presidential election.”
Some prospective home buyers also may be waiting for mortgage rates to drop. Federal Reserve Chair Jerome…
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