US Pending Home Sales Slip for 3rd Straight Month - WBOC-TV 16, Delmarvas News Leader, FOX 21 -

US Pending Home Sales Slip for 3rd Straight Month

Posted: Updated:
In this Thursday, April 27, 2017, file photo, an "Under Contract" sign is posted in front of a home for sale in Charlotte, N.C. (Photo: AP) In this Thursday, April 27, 2017, file photo, an "Under Contract" sign is posted in front of a home for sale in Charlotte, N.C. (Photo: AP)

WASHINGTON (AP)- Americans signed fewer contracts to buy homes in May, the third straight monthly decline and evidence that a shortage of homes for sale has suppressed home-buying.
    
The National Association of Realtors said Wednesday that its pending home sales index fell 0.8 percent in May to 108.5. That's down from 109.4 in April and 111.3 in March. The index has slipped 1.7 percent over the past 12 months.
    
Would-be buyers are facing higher prices and fewer options. Sales listings have plunged 8.4 percent over the past 12 months to 1.96 million. The median sales price in May rose 5.8 percent from a year ago to $252,800.
    
Pending sales contracts are a barometer of future purchases. A sale is typically completed a month or two after a contract is signed. The steady decline suggests that homes sales growth is increasingly limited, though demand and mortgage applications indicate that sales should be stronger than last year.
    
"Today's reading signals a small dip in June existing home sales, but they don't change the big picture," said Ian Shepherdson, chief economist at Pantheon Macroeconomics.
    
The measure of signed contracts in May fell in the Northeast, South and West. It remained unchanged in the Midwest.

  • Most Popular StoriesMost Popular StoriesMore>>

  • Local Fans React to Cape-Smyrna "Basketbrawl"

    Local Fans React to Cape-Smyrna "Basketbrawl"

    Feb 23, 2018 10:21 PM2018-02-24 03:21:00 GMT
    Friday, February 23 2018 10:22 PM EST2018-02-24 03:22:26 GMT
    DOVER, Del.- After a fight broke out at a high school basketball game on Thursday night, local fans were shocked that violence ensued during a playoff match-up. The fight broke out before the conference game between Cape Henlopen and Smyrna finished at MiMore
    After a fight broke out at a high school basketball game on Thursday night, local fans were shocked that violence ensued during a playoff match-up. More
  • Hebron Man Assaults Deputy, Sheriff's Say

    Hebron Man Assaults Deputy, Sheriff's Say

    Feb 23, 2018 6:17 PM2018-02-23 23:17:00 GMT
    Friday, February 23 2018 6:17 PM EST2018-02-23 23:17:38 GMT
    A Hebron man faces assault charges after he allegedly attacked a Wicomico County Sheriff’s deputy while being arrested for drug possession among other illegal activity.More
    A Hebron man faces assault charges after he allegedly attacked a Wicomico County Sheriff’s deputy while being arrested for drug possession among other illegal activity.More
  • Arrest Made in Smyrna-Cape 'Basketbrawl'

    Arrest Made in Smyrna-Cape 'Basketbrawl'

    Feb 23, 2018 4:56 PM2018-02-23 21:56:00 GMT
    Friday, February 23 2018 5:03 PM EST2018-02-23 22:03:53 GMT
    An arrest has been made after a fight broke out at the Smyrna High School and Cape Henlopen High School boys' basketball game Thursday night.More
    An arrest has been made after a fight broke out at the Smyrna High School and Cape Henlopen High School boys' basketball game Thursday night.More
Powered by Frankly

All content © Copyright 2000 - 2018 WBOC. All Rights Reserved. For more information on this site, please read our Privacy Policy, and Terms of Service, and Ad Choices