According to the latest numbers from the National Association of Realtors (NAR), homebuyers’ willingness to pay increasingly hefty prices may be waning. The NAR reported Monday that pending home sales fell 1.4 percent month-over-month (M/M) in August, a sign that the housing market may be beginning to cool off.
Demand Not A Problem
Despite the disappointing headline number, NAR chief economist Lawrence Yun says that market fears and high prices, rather than lackluster demand, are to blame for the August decline.
“Pending sales have leveled off since mid-summer, with buyers being bounded by rising prices and few available and affordable properties within their budget,” Yun wrote in a statement.
August pending home sales remained…
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