The National Association of Realtors said on Wednesday that its pending home sales index dropped 19.9% in July compared with last year, the lowest level since early 2020.
Former Fannie Mae executive Tim Rood provides an overview of the housing market after August homebuilder sentiment plunged on 'Cavuto: Coast to Coast.'
Signed contracts to buy previously owned homes in the U.S. fell in July to the lowest level in two years as rising mortgage rates and higher home prices continued to push entry-level homebuyers out of the market. The National Association of Realtors said on Wednesday that its pending home sales index tumbled 19.9% in July compared with the same month one year ago. On a monthly basis, pending home sales dropped 1% – less than the 4% decline projected by Refinitiv economists.moves to tighten policy at the fastest pace in three decades in order to cool consumer demand and bring scorching-hot inflation under control.
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Pending home sales slip 1% in July, but realtors group says market may be 'at or close to the bottom'Pending home sales, a measure of signed contracts on existing homes, dropped 1% from June to July, according to the National Association of Realtors.
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US new home sales plunge for sixth straight month to lowest level since 2016Purchases of new homes in the U.S. fell even more than expected in July as record-high home prices and rising borrowing costs priced buyers out of the market.
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New home sales plummet to 6½-year low in July as mortgage rates soarSales dropped 29.6% on a year-on-year basis in July.
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