NAR: Pending home sales tumble in May for third straight month

The ongoing supply shortages that are propping up home prices in many metro areas caused pending home sales in May to slump for the third consecutive month, according to the National Association of REALTORS’ Pending Home Sales Index, a forward-looking indicator based on contract signings. 

In the Northeast, pending home sales decreased 0.8 percent to 96.4 in May, but remain 3.1 percent above a year ago.

Nationwide, pending home sales also fell 0.8 percent to 108.5, 1.7 percent below a year ago.

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