Tuesday, September 26, 2023 | The Latest Buzz for the Appraisal Industry

Pending Sales Trending Downward, With a Possible Silver Lining

Pending home sales broke out of a seven-month slump in May, gaining 0.7 percent. If this were baseball, we might now call it a “balk.” The National Association of Realtors® (NAR) announced this morning that its June Pending Home Sales Index (PHSI) plunged 8.6 percent.  The index fell from 99.9 in May to 91.0, leaving it 20 percent lower than in June 2021. NAR said the reversal came “as escalating mortgage rates and housing prices

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