Pending home sales decreased 0.4% from June to July and increased 0.7% from July 2024, according to the National Association of Realtors Pending Home Sales report.
On a regional month-over-month breakdown, the Northeast Pending Home Sales Index decreased 0.6%, the Midwest decreased 4.0%, the South decreased 0.1% and the West increased 3.7%.
NAR’s Realtors Confidence Index survey shows that 16% of NAR members expect an increase in buyer traffic over the next three months, unchanged from one year ago. Meanwhile, 21% expect an increase in seller traffic, up from 17% in July 2024.
“Even with modest improvements in mortgage rates, housing affordability, and inventory, buyers still remain hesitant,” NAR Chief Economist Lawrence Yun said in a statement. “Buying a home is often the most expensive purchase people will make in their lives. This means that going under contract is not a decision homebuyers make quickly. Instead, people take their time to ensure the timing and home are right for them.”
Read the full report here.
