Pending home sales declined 1.0% in July to a level of 89.8 on the National Association of Realtors’ Pending Home Sales Index. It’s the eighth month of decline in the past nine months.
Pending home sales fell 2.7% in the Midwest, 1.9% in the Northeast and 1.1% in the South, but ticked up 2.2% in the West.
Compared with July 2021, pending home sales plunged 19.9%.
“In terms of the current housing cycle, we may be at or close to the bottom in contract signings,” said NAR Chief Economist Lawrence Yun. “This month’s very modest decline reflects the recent retreat in mortgage rates. Inventories are growing for homes in the upper price ranges, but limited supply at lower price points is hindering transaction activity.”
The full NAR report can be found here.
