Pending home sales decreased by 5.5% in July nationwide, with all U.S. regions experiencing declines.
From GlobeNewswire: 2024-08-29 10:00:00
In July 2024, pending home sales dropped by 5.5% nationwide, with decreases in all four U.S. regions. The Northeast saw a slight increase compared to last year, while the Midwest, South, and West experienced declines. Lawrence Yun, NAR Chief Economist, noted that job growth and higher inventory were not enough to offset affordability challenges. The Northeast had the best performance in recent months, with lower mortgage rates expected to attract more buyers to the market. The Pending Home Sales Index fell to 70.2 in July, its lowest level since tracking began in 2001, representing an 8.5% decline year-over-year.
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