Pending home sales drop in June

[DeWitt Gibson]

We had a marketing meeting in our office last week and we decided that we are likely to see slightly higher rates and less of a seller dominated market coming in the next six months or so. Are we right?

https://www.cnbc.com/amp/2021/07/29/pending-home-sales-drop-in-june-.html

Pending sales of existing homes in June as measured by signed contracts fell 1.9% from May, according to the National Association of Realtors.

Sales were also down 1.9% compared with June 2020. Pending sales are a forward-looking indicator of closed sales in one to two months.

"Pending sales have seesawed since January, indicating a turning point for the market," said Lawrence Yun, Realtors' chief economist. "Buyers are still interested and want to own a home, but record-high home prices are causing some to retreat."