In data just released by the National Association of Realtors, pending home sales in the United States have dropped to their lowest level since 9/11. These numbers coming at the end of the spring selling season are rough for real estate agents and sellers alike as inventory is bound to increase and pressure to lower prices will follow.
The National Association of Realtors said its Pending Home Sales Index, based on contracts signed in May, fell 3.5 percent to 97.7 from a downwardly revised level of 101.2 in April. The May index is the lowest since 89.8 in September 2001. via the International Business Times -.
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Corrections in the market were bound to happen. More so in some areas than others. Average prices are up and total sales volumes down slightly while transactions are definately below last years levels. [Fort Smith, AR]