Pending Home Sales Sink Across Regions as West Declares New Low
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.
