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National Association of Realtor: How Inventory Problems Affected Home Sales

During December 2014, the pending home sales declined even though the interest rates were at its lowest point for more than a year. The National Association of Realtor reported that all the regions in America experienced the decline.

The national pending home sales decreased by 3.7%. However based on the pending home sales index calculations by the National Association of Realtors, the sales index remain 6 percent higher than the year over year levels for four successive months. The inventory problems and higher home prices contributed to the decreased number of signed contracts.

Listed below are the pending home sales status for December 2014.
• South has decreased by 2.6%
• West has decreased by 4.6%
• Northeast has decreased 7.55%; this region experienced the greatest drop.
• Midwest has decreased by 2.8%

According to Mr. Lawrence Yun , the chief economist of National Association of Realtors chief, the low interests rates and the eagerness of current home owners to trade up will affect the existing sales for the months to follow. Management rental companies in Denver believe that with the creation of more jobs together with economic mortgage insurance and affordable down payment programs there will be a higher demand among first time buyers.

Source: realtormag.realtor.org