Pending home sales remain below year-ago levels, diminished by escalating home prices

PORTLAND, OR, May 1, 2018 (RISI) -Pending home sales inched higher for the second consecutive month in March, but unrelenting inventory constraints once again kept overall activity below year ago levels, according to the National Association of Realtors.

The Pending Home Sales Index inched up 0.4% to 107.6 in March from a downwardly revised 107.2 in February. Even with last month's increase in activity, the index declined on an annualized basis (3.0%) for the third straight month.

Lawrence Yun, NAR chief economist, says contract activity is moving sideways and not breaking higher despite the strong job-creating economy. "Healthy economic conditions are creating ...

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