Lawrence Yun, NAR chief economist, says the housing market is stabilizing, but ongoing challenges are impeding full sales potential. “Activity is notably higher than earlier this year as proces have moderated and inventory levels have improved,” he said. “However, supply shortages still exist in parts of the country, wages are flat, and tight credit conditions are deterring a higher number of potential buyers from fully taking advantage of lower interest rates.”
Pending home sales in the West inched 0.2 percent in June to 95.7, but remains 16.7 percent below June 2013.
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* Sources: TrendGraphics, C.A.R.