Following three months of gains, the National Association of Realtors (NAR) informs MHProNews the Pending Home Sales Index (PHSI) for June slipped 1.1 percent to 102.7 from 103.8 in May, and is 7.3 percent below June 2013. The average remains above 100, which is considered an average level of activity, according to worldpropertychannel.com. NAR’s Chief Economist, Lawrence Yun, noting that home prices have softened, inventory has improved and rising rents may interest more people in buying, says, “However, supply shortages still exist in parts of the country, wages are flat, and tight credit conditions are deterring a higher number of potential buyers from fully taking advantage of lower interest rates.” Regionally, the Midwest PHSI rose 1.1 percent to 106.6 but is 5.5 percent below a year ago, while the index in the South fell 2.4 percent to 113.8, and is now 4.3 percent below June 2013. The Northeast’s index dropped 2.9 percent to 83.8, and remains 3.2 percent below a year ago, while in the West, the PHSI inched up to 95.7 for June but is still 16.7 percent below June 2013. ##
