Economics
US Pending Home Sales Drop to Lowest Since Start of the Pandemic
- Contract signings fell 1% in July, following sharp June plunge
- Pending home sales were down 22.5% from a year earlier
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US pending home sales fell in July for the sixth time this year to the lowest level since the start of the pandemic, extending the housing market’s sharp downturn as high borrowing costs sideline prospective buyers.
The National Association of Realtors’ index of contract signings to purchase previously owned homes decreased 1% from a month earlier to 89.8, according to data released Wednesday. That followed a nearly 9% decline in June.