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<\/a>Photo:\u00a0Aubrey Odom<\/a>\u00a0\/ Unsplash<\/a><\/em><\/p>\nSummer may have been blazing hot throughout most of the country, but pending home sales continued to slowly cool off. July saw another small downturn of 1.8 per cent, according to the National Association of Realtors – a trend that began to hit most of the country in June.<\/p>\n
The western portion of the United States remained the exception, as eager homebuyers signed on the dotted line during these months. However, all areas of the country have experienced a decline compared to years past.<\/p>\n
Despite the dip, there still has yet to be a surplus of housing options available for homebuyers.<\/p>\n
“The market may be starting to cool slightly, but at the moment there is not enough supply to match the demand from would-be buyers,” said Lawrence Yun, NAR’s chief economist. “That said, inventory is slowly increasing and home shoppers should begin to see more options in the coming months.<\/p>\n
“Homes listed for sale are still garnering great interest, but the multiple, frenzied offers \u2013 sometimes double-digit bids on one property \u2013 have dissipated in most regions,” Yun said. “Even in a somewhat calmer market, a number of potential buyers are still choosing to waive appraisals and inspections.”<\/p>\n