Contract signings picked up the pace last month, and home buyers are increasingly facing multiple offer situations. NAR releases its housing forecast for the remainder of the year and 2024.
Pending home sales rose slightly in June, and the latest indicators are showing a housing market on the mend. Median existing-home sales prices in June soared to their second highest on record in the last two decades, and more buyers are facing multiple offer situations once again, the latest reports from the National Association of REALTORSĀ® shows. NARās Pending Home Sales Indexāa forward-looking indicator of home sales based on contract signingsārose 0.3% in June, the first increase in four months.
āThe recovery has not taken place, but the housing recession is over,ā says Lawrence Yun, NARās chief economist. āThe presence of multiple offers implies that housing demand is not being satisfied due to a lack of supply. Homebuilders are ramping up production and hiring workers.āĀ
Housing inventories remain at historical lows, down 13.6% from even last yearās low levels. āThere are simply not enough homes for sale,ā Yun said in a recent report. Seventy-six percent of existing homes sold in June were on the market for less than a month, NARās data shows.
