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.
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