For the second consecutive month, pending home sales fell slightly in October, dipping by 1.1% according to the National Association of Realtors by 1.1%. The drop points to a growing affordability problem for home buyers, who may be witnessing rising home prices, said Lawrence Yun, NAR's chief economist.
"The housing market is still hot, but we may be starting to see rising home prices hurting affordability," he said.
The S&P CoreLogic Case-Shiller US National Home Price NSA Index also recently made clear that affordability is taking a hit. The indicator posted a 7.0% annual gain in September, up from 5.8% in August. It hasn't hit 7% in over six years since May 2014.
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Rayna Katz
Rayna Katz is a seasoned business journalist whose extensive experience includes coverage of the lodging sector, travel and the culinary space. She was most recently content director for a business-to-business publisher, overseeing four publications. While at Meeting News, a travel trade publication, she received a Best Reporting award for a story on meeting cancellations in New Orleans during Hurricane Katrina.
