WASHINGTON — Americans signed fewer contracts to buy homes in May, the third straight monthly decline and evidence that a shortage of homes for sale has suppressed home-buying. The National Association of Realtors said Wednesday that its pending home sales index fell 0.8 per cent in May to 108.5. Pending sales contracts are a barometer of future purchases. The steady decline suggests that homes sales growth is increasingly limited, though demand and mortgage applications indicate that sales should be stronger than last year. The measure of signed contracts in May fell in the Northeast, South and West.

Source: National Post June 28, 2017 14:18 UTC