U.S. Pending Home Sales Decline by 2.3% in July Amidst High Mortgage Rates
The U.S. pending home sales index experienced a 2.3% decrease in July, according to data released by the National Association of Realtors (NAR). This decline was worse than economists' expectations, who had predicted a 0.3% rise. The previous month's figure for June was also revised downward to a 4.8% decrease from an initial 5.4%. On a year-over-year basis, pending home sales in July fell by 2.2%. While month-over-month sales saw declines across all regions, year-over-year sales increased in the Midwest but decreased in the Northeast, South, and West. Dr. Lawrence Yun, NAR Chief Economist, attributed this downturn to the highest mortgage rates of the year occurring in mid-summer, which impacted contract signings. He also noted that home prices are at record highs, leading to properties sitting on the market longer and fewer buyers bidding above asking prices compared to a year ago, though local market variations exist. 
