US Pending Home Sales Fall 2.3% in July as West Hits Record Low
Updated
Updated · WOLF STREET · Aug 18
US Pending Home Sales Fall 2.3% in July as West Hits Record Low
3 articles · Updated · WOLF STREET · Aug 18
Summary
July pending home sales fell 2.3% from June to 71.2, tying July 2024 for the second-lowest reading on record and trailing only January’s low.
The West drove the weakness with a 7.7% monthly drop to a new record low, while the South fell 2.2%, the Northeast 2.0% and the Midwest 0.7%.
Compared with a year earlier, contract signings slipped 2.2%, and they remain 36% below July 2021 as high asking prices and 6.4%-6.7% mortgage rates keep affordability strained.
Pending sales point to future closed sales, but cancellations have been running high even as existing single-family home supply sits at a 10-year high, underscoring a market stuck near bust-era lows.