Pending home sales pull back at end of June

According to new data from online real estate site Redfin, the month of June ended with pending home sales on the slide. Compared to the same week of June 2019, pending home sales were down 8.2 percent.

New listings were also down during the week on an annual basis by 8 percent. Sellers who had pulled their listings from the market at the beginning of the coronavirus pandemic have largely returned but demand continues to outpace supply.

The decline in pending sales is being attributed to the shortage of homes available to buyers who are returning to the housing market in droves as mortgage rates remain near historic lows.

Today, conforming no-point 30-year fixed mortgage rates are averaging 2.99 percent and 15-year rates are near 2.625 percent. Do you have a question for Real Estate and Mortgage Analyst Mehran Aram? Submit your queries about a home purchase, refinance or reverse mortgage via aramco.biz, social media (#Aramcoreport), or over the phone at (866) 381–8888 and your question could be featured in an upcoming article.