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Pending Homes Sales Drop Slightly in June; Mortgage Rates to Blame

July 29th, 2013 | by The Update
Pending Homes Sales Drop Slightly in June; Mortgage Rates to Blame

Pending home sales dropped in June, in part because of rising mortgage interest rates,the National Association of Realtors reported today.

The drop comes after pending homes sales nationwide had reached a six-year high.

For the last part of July, Briggs Freeman Sotheby’s International Realty reported 28 contracts closed, representing $20.6 million, and 38 properties under contract, representing $43.1 million. Homes priced appropriately and in good condition are selling well in the Dallas-Fort Worth market.

The Pending Home Sales Index is based on contract signings; it edged down 0.4 percent to 110.9 in June. Pending sales have been above year-ago levels for the past 26 months, and the pace in May was the highest since December 2006 when it reached 112.8.

“Mortgage interest rates began to rise in May, taking some of the momentum out of contract activity in June,” said Lawrence Yun, NAR chief economist. “The persistent lack of inventory also is contributing to lower contract signings.”

But not all contracts go to closing.

“There are some homebuyers who sign contracts with strong lender commitment letters, but have floating mortgage interest rates. Those rates can be locked as late as 10 to 14 days before closing, so some homebuyers may change their minds if the rate rises too much, which apparently happened with some sales scheduled to close in June,” Yun said. “Closed sales may edge down a bit in the months ahead, but they’ll stay above year-ago levels.”

Click here to see the full report from the National Association of Realtors.

Click here to read more news about real estate and the economy in Dallas-Fort Worth.

Briggs Freeman Sotheby’s International Realty is Dallas’ luxury real estate leader, with more than 190 agents in five offices located throughout Dallas-Fort Worth and access to the global Sotheby’s network, including more than 11,000 agents in 600 offices worldwide. CEO Robbie Briggs independently owns and operates Briggs Freeman Sotheby’s International Realty. For more information on escapes and second homesranch and land, and luxury homes in the Dallas-Fort Worth region and beyond, go to briggsfreeman.com.

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