Pending home sales declined 7.1% in August, falling in every region, according to the National Association of Realtors Pending Home Sales Index.
“Mortgage rates have been rising above 7% since August, which has diminished the pool of home buyers,” Lawrence Yun, NAR chief economist, said in a statement. “Some would-be home buyers are taking a pause and readjusting their expectations about the location and type of home to better fit their budgets.”
Month-over-month, contract signings fell 0.9% in the Northeast, 7.0% in the Midwest, 9.1% in the South and 7.7% in the West. Compared with August 2022, pending home sales also fell by double-digits in every region.
The full report can be found here.
Read Next
