Despite strong buyer interest, continuing inventory shortages led to a dip in closed sales in February. NAR Chief Economist Lawrence Yun says higher interest rates are also putting pressure on some would-be buyers. In a positive sign going into summer, NAR’s forward-looking pending home sales index showed contract signings moving higher in February.
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The percentage of transactions delayed because of financing problems has steadily improved over the last two years, suggesting buyers are finding mortgage loans easier to close.
Financing-related snags remain the top transaction problem, accounting for 30 percent of all delays. Appraisal issues, at 22 percent, are the next biggest reported holdup.
Source: NAR Research