Home sales closing out 2015 with a whimper

NAR’s Pending Home Sales Index show most markets are hitting a plateau due to inventory shortages and affordability concerns
  • NAR's pending home sales index inched just 0.2 percent to 107.7 from September to October.
  • NAR's chief economist said inventory shortages and affordability pressures from rising prices will continue to hamper sales growth in 2016.

Still struggling to find the right home in a competitive housing market, buyers aren’t flocking to close sales like they were in the spring, the National Association of Realtors (NAR) noted in its latest Pending Home Sales Index. Pending home sales, a forward-looking indicator based on contract signings, have hit a plateau thanks to persisting supply constraints and affordability concerns, NAR said.