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Pending home sales dip in August due to supply shortage
A ''for sale'' sign is seen outside a home in New York June 19, 2012.
Credit: Reuters/Shannon Stapleton
WASHINGTON |
WASHINGTON (Reuters) - Contracts to buy previously owned U.S. homes slipped in August due to a shortage of lower priced inventory in most of the country, an industry group said on Thursday.
The National Association of Realtors said its Pending Home Sales Index, based on contracts signed in August, fell 2.6 percent to 99.2, but was 10.7 percent higher than last year.
July's reading was revised up to 101.9, the highest level since April 2010, when buyers were racing to use the home-buyer tax credit before the deadline, the group said.
"The performance in month-to-month contract signings has been uneven with ongoing shortages of lower priced inventory in much of the country," the association's chief economist, Lawrence Yun, said in a statement.
(Reporting by Rachelle Younglai; Editing by Neil Stempleman)
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They REALLY expect us to believe that there is a SHORTAGE of lower priced homes?
Hahahahaha!
That’s 135 homes in a city with a population of 12,500 and 5,300 households.
In the county I live in there are literaly 1,000′s of lower priced homes for sale.
So what are these people talking about?
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