(MENAFN) US pending home sales dropped in May, according to tight housing market and increasing prices.
Additionally, its pending home sales tumbled 3.7 percent to reach 110.8 percent in May from a downwardly revised 115.0 in April.
"Total housing inventory at the end of each month has remarkably decreased year-over-year now for an entire year," said chief economist.
In addition, there are not enough homes coming onto the market to catch up with demand and to keep prices more in line with inflation and wage growth.
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