U.S. Pending Home Sales Unexpectedly Fall on Lean Inventory
New Richmond American Homes wait to be sold in Phoenix, Arizona, U.S., on Tuesday, Feb. 16, 2010. Over the past year home prices have dropped more than 12 percent, due to the sluggish economy.
Photographer: Joshua Lott/BloombergThis article is for subscribers only.
An unexpected decline in July contract signings for the purchase of previously owned U.S. homes shows the continuing impact of limited supply on the real-estate market, National Association of Realtors figures released Thursday showed.
The decline in contract signings, the fourth in the last five months, highlights that a limited number of properties for sale remains the biggest hurdle for the housing market. That’s particularly true for those wanting to buy for the first time as rising home prices are outpacing gains in wages.