Pending home sales slide 5.5% in July
One step forward, one step back.
After a promising report in June of a 4.8% increase in pending home sales, the National Association of Realtors® (NAR) reported that number switched course and dropped 5.5% in July. The Pending Home Sales Index (PHSI) was down to 70.2 in July, the lowest reading since the index began tracking in 2001.
All four regions saw declines and pending transactions were down 8.5% from a year ago.
"A sales recovery did not occur in midsummer," said NAR Chief Economist Lawrence Yun. "The positive impact of job growth and higher inventory could not overcome affordability challenges and some degree of wait-and-see related to the upcoming U.S. presidential election."
Slowdowns across the country
"In terms of home sales and prices, the New England region has performed relatively better than other regions in recent months," added Yun. "Current lower, falling mortgage rates will no doubt bring buyers into market." Here’s how the numbers broke out by region:
- Northeast: down 1.4% to 64.6, up 2.4% from July 2023
- Midwest: down 7.8% to 67.8, down 11.4% from July 2023
- South: down 6.5% to 83.5, down 11.5% from July 2023
- West: down 3.8% to 56.2, down 6.0% from July 2023
While this report shows a slow market in June, it’s important to note that mortgage rates have dropped in August and that ought to be reflected in August’s report. To take advantage of the market conditions where you live, work with a local Loan Officer.
Source: https://www.nar.realtor/newsroom/pending-home-sales-dropped-5-5-in-july
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