U.S. Pending Home Sales Drop

Pending home sales in the U.S. dipped in July, says the National Association of Realtors (NAR). Compared to June, only the west region saw a month-over-month gain in contract activity, while the other three major U.S. regions reported drops. All four regions saw transactions decrease year-over-year, the Pending Home Sales Index (PHSI) declining 1.8 per cent to 110.7 in July. "The market may be starting to cool slightly, but at the moment there is not enough supply to match the demand from would-be buyers," says Lawrence Yun, chief economist for NAR. However, inventory is slowly increasing, and home shoppers should begin to see more options in the coming months.