June Pending Home Sales Fall To Record Low

WASHINGTON (Reuters) – Contracts for pending sales of previously owned homes fell to a record low in June as buyers sat on the sidelines, a survey from the National Association of Realtors showed on Tuesday.

The Realtors said its Pending Home Sales Index, based on contracts signed in June, fell to a record low 75.7 from a revised 77.7 in May. Economists polled by Reuters had expected a rise of 0.6 percent.

“We really need to see stronger job creation to have a meaningful recovery in the housing markets,” said NAR chief economist Lawrence Yun, adding “there could be a couple of additional months of slow home-sales activity before picking up later in the year” if the job market improves.

Aside from reflecting the state of the national economy, the article raises the question of what’s been going on in the Somerset Hills market area recently.

While we’ve been very fortunate to have had a fairly strong spring season, what will a closer look at the July sales numbers tell us? Stay tuned for the next few posts to see the answers…