Your friends at the National Association of Realtors (NAR) have some non-news for us today:

Pending Home Sales Drop as Expected


And it’s hard to argue with NAR – yes, it was expected that sales would drop after the expiration of the homebuyer tax credits, but I’m not sure that anyone was thinking it would be as much as 30% down. Also in the article, NAR expects sales closings in June to “remain elevated” but drop off in July and August.

But then again, NAR’s chief economist Lawrence Yun is also predicting that jobs are coming back:

“If jobs come back as expected, the pace of home sales should pick up later this year and reach a sustainable level of activity given very favorable affordability conditions,” Yun said.

Yun goes on to say that he doesn’t expect any further price drops, and is actually forecasting home prices nationally will rise 4% over the next two years.

Time will tell.