Pending home sales fell to the lowest level on record in July, according to the National Association of Realtors’ Pending Home Sales Index.
Pending home sales fell to the lowest level on record in July, according to the National Association of Realtors’ Pending Home Sales Index.
July’s index was 70.2, a 5.5% decrease from June and an 8.5% drop from July 2023.
All four major regions of the U.S. posted monthly losses in contract signings in July, according to NAR: 7.8% in the Midwest, 1.4% in the Northeast, 3.8% in the West and 6.5% in the South.
“A sales recovery did not occur in midsummer,” NAR Chief Economist Lawrence Yun said in a statement. “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.”
The full NAR report can be found here.