The housing market is continuing to persevere throughout the current economic climate, according to Lawrence Yun, the National Association of Realtors’ (NAR) chief economist. Despite sluggish pending contract signings, the amount of competition remains strong with an estimated three offers for each listing.
The strong competition in the market is a testament to the resilience of the sector. Despite challenges caused by low inventory levels, buyers are keen to purchase a home and are driving competition up. In addition, as reported by NAR, “buyers are signing contracts at an increased pace of about 15 percent” which is a sign that the market is gaining momentum.
Key Points:
• Low inventory levels not preventing buyer activity
• Strong competition with estimated 3 offers per listing
• Buyers signing contracts at increased pace of about 15%
You can read this full article at: https://www.housingwire.com/articles/pending-home-sales-fell-2-7-in-may-though-demand-remains-strong/(subscription required)
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