July US Pending Home Sales Index Posts Larger Than Expected Decline
Pending home sales fell by 0.4% in July, compared with the 0.2% decrease expected in survey compiled by Bloomberg as of 7:30 am ET and following a larger 0.8% decrease in June, according to the National Association of Realtors.
The monthly sales index was up 0.7% from July 2024.
Pending home sales fell in three of the four regions of the country from June, rising only in the West. It declined in the Northeast and West regions compared with a year earlier but rose in the Midwest and South regions.
"Even with modest improvements in mortgage rates, housing affordability, and inventory, buyers still remain hesitant," NAR Chief Economist Lawrence Yun said. "Buying a home is often the most expensive purchase people will make in their lives. This means that going under contract is not a decision homebuyers make quickly. Instead, people take their time to ensure the timing and home are right for them."
Yun added that he expects more potential home buyers in the near future as the Federal Reserve signals further interest rate cuts.
August existing-home sales data are scheduled for release on Sept. 23.
Source : MT Newswires
