Pending Home Sales Sink Across Regions as West Declares New Low
TL;DR
U.S. pending home sales declined 2.3% in July to the second-lowest on record, with the West hitting a new record low and the South and Northeast also down, as mortgage rates sit around 6.4%–6.7% and supply remains elevated. The market remains embedded in a multi-year lull since the 2020–22 price boom, and high contract cancellations suggest weak closings ahead.
Topics:businesseconomy#economy#housing-market#mortgage-rates#pending-sales#regional-variation#west-region
- Pending Home Sales Drop to 2nd Lowest on Record, Plunge to Record Low in the West, to Near-Record Low in the South Wolf Street
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