U.S. Pending home sales drops to lowest on record
BLOOMBERG.COM
'declining sales'
SUMMARY

Pending sales of existing homes in the US hit an all-time low in July. The National Association of Realtors reported a 5.5% decline in their index to 70.2, the lowest since 2001. High prices and borrowing costs continue to deter buyers. NAR's Chief Economist, Lawrence Yun, noted that “the positive impact of job growth and higher inventory could not overcome affordability challenges.” Despite recent drops in mortgage rates, which are now below 6.5%, limited inventory and high prices remain concerns. Sales fell across all regions, particularly in the Midwest and South.

Advertisement
Scroll to continue reading
▶︎ Click here for more breaking news