The level of pending home sales south of the border took a downward turn last month, the National Association of Realtors said Monday.
The insufficient supply of homes saw pending sales drop in the Midwest and West regions of the US, dragging the association’s Pending Home Sales Index down 2.8 per cent to 106.4, the lowest in a year.
"The significant shortage of listings last month along with deteriorating affordability as the result of higher home prices and mortgage rates kept many would-be buyers at bay," said NAR chief economist Lawrence Yun. "Buyer traffic is easily outpacing seller traffic in several metro areas and is why homes are selling at a much faster rate than a year ago. Most notably in the West, it's not uncommon to see a home come off the market within a month."