Pending Home Sales Sink Again – NMP Skip to main content

Pending Home Sales Sink Again

Sep 29, 2016
Mortgage rates continue to remain at historic lows, but Freddie Mac is insisting that this situation is helping to stabilize the housing market

For the third time in four months, the level of pending home sales has been in a slump.

The National Association of Realtors’ (NAR) Pending Home Sales Index (PHSI) dropped by 2.4 percent to 108.5 in August from a downwardly revised 111.2 in July; on a year-over-year measurement, it is slightly below 108.7 level from August 2015. Last month marked the second lowest PHSI reading since January’s 105.4.

On a regional basis, the PHSI in the Northeast rose 1.3 percent to 98.1 in August, but there were declines in the Midwest (down 0.9 percent to 104.7), the South (down 3.2 percent to 119.8) and the West (down 5.3 percent to 102.8).

“Contract activity slackened throughout the country in August except for in the Northeast, where higher inventory totals are giving home shoppers greater options and better success signing a contract,” said NAR Chief Economist Lawrence Yun. “In most other areas, an increased number of prospective buyers appear to be either wavering at the steeper home prices pushed up by inventory shortages or disheartened by the competition for the miniscule number of affordable listings.”

About the author
Published
Sep 29, 2016
July CPI Eases Mortgage-Rate Risk, But Doesn’t Promise Relief

Consumer inflation rose just 0.1% in July, reducing pressure for a September Fed rate hike as mortgage rates remain near their highest levels of the year

Aug 13, 2026
The Fed Held. The Mortgage Market Got A Warning.

Three policymakers favored an immediate hike, while Warsh welcomed higher bond yields and offered no clear path toward mortgage-rate relief

Jul 30, 2026
New Study Finds UWM's 'All-In' Triggered Industrywide Pricing Spillovers

Research shows wholesale competitors responded to the 2021 Rocket ban by lowering mortgage rates,

Jul 15, 2026
First Major Housing Reform In Decades Becomes Law Without Trump's Signature

Bipartisan ROAD to Housing Act advances supply, construction, and mortgage reforms despite White House protest

Jul 10, 2026
Mortgage Star Conference Honors Women Shaping The Future Of Mortgage Leadership

MWLC honors leaders driving innovation, mentorship, and growth across the mortgage industry

Jul 09, 2026
June Jobs Report Improves Mortgage Rate Outlook

Slower hiring strengthens bonds and eases concerns over additional Fed tightening

Jul 02, 2026