While wages have risen 15.7% in the same time frame, they haven't kept pace with borrowing costs.
In July, inventory saw small gains in some counties, but the market is still tight overall.
The analysis projects substantial traffic growth in the corridor over the next 30 years, due both to proposed development and long-term population trends.
Pending sales in the Northeast increased incrementally even though home price growth in the region has been the strongest in the country.
WASHINGTON—Pending home sales decreased by 0.8% in June from the prior month and 2.8% year-over-year, according to the National Association of Realtors Pending Home Sales report released today (July 30).
Month-over-month and year-over-year pending sales declined in the Midwest, South, and West. In the Northeast, pending sales rose month-over-month but remained flat year-over-year. The Realtors Confidence Index shows a 4% and 6% year-over-year increase in homebuyer and seller traffic, respectively.
“The data shows a continuation of small declines in contract signings despite inventory in the market increasing. Pending sales in the Northeast increased incrementally even though home price growth in the region has been the strongest in the country," said NAR Chief Economist Lawrence Yun.
“The Realtors Confidence Index shows early indications of potential contract signings increasing moving forward. Realtors are optimistic that homebuying and selling activity will increase. That confidence is supported by the fact that mortgage applications have been rising,” Yun added.
0.8% decrease month-over-month
2.8% decrease year-over-year
2.1% increase month-over-month
Unchanged year-over-year
0.8% decrease month-over-month
0.9% decrease year-over-year
0.7% decrease month-over-month
2.9% decrease year-over-year
3.9% decrease month-over-month
7.3% decrease year-over-year
While wages have risen 15.7% in the same time frame, they haven't kept pace with borrowing costs.
In July, inventory saw small gains in some counties, but the market is still tight overall.
The analysis projects substantial traffic growth in the corridor over the next 30 years, due both to proposed development and long-term population trends.
The ever-so-slight improvement in housing affordability is inching up home sales.
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