Pending Home Sales Flop

Pending home sales flopped in May as inventory continued to drag on the housing market, down 0.8 percent in the National Association of REALTORS® (NAR) Pending Home Sales Index (PHSI). The PHSI posted 108.5 in May, down from 109.4 in April. The Index is based on contract signings.
The ongoing supply shortages that are propping up home prices in many metro areas caused pending home sales in May to slump for the third consecutive month, according to the National Association of Realtors. (PRNew