The National Association of Realtors is reporting that pending home sales were down 2.3% in July and down 2.2% year over year. The NAR’s Pending Home Sales Index (a forward-looking indicator based on contract signings) came in at 71.2 in July. Month-over-month declined in all four major U.S. regions and Year-over-year pending home sales increased in the Midwest but declined in the Northeast, South and West.
“The highest mortgage rates of the year hit right in the middle of summer, and that’s pulling back contract signings…Home prices are at record highs so houses for sale are sitting on the market longer, and fewer buyers are bidding above the asking price than a year ago, though there are large local market variations.” Said the NAR’s Chief Economist, Lawrence Yun.
Click here to read the full release at the National Association of Realtors.
