As reported by the National Association of Realtors, during the month of February, the level of prospective home sales in south of Canada went down a notch. In the Midwest and the West regions of the US, there was a huge decline of pending sales due to the low supply of homes which could not meet the demand of the housing market.
Due to that, the association’s Pending Home Sales Index was slowed down, with a decline of 2.8 per cent to 106.4, a record shown to be the lowest in a year.
Lawrence Yun, who happens to be the chief economist for NAR said; “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,”
He finished off by concluding; “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.”