US Pending home sales dropped 19.9% in July compared with July 2021. This economic reading is a a measure of signed contracts on existing homes. The figure fell along eight out of the past nine months as rising mortgage rates made housing less affordable.
Pending home sales, a measure of signed contracts on existing homes, slipped 1% from June to July, according to the National Association of Realtors. Compared to a year ago, sales were down 19.9%. The latest reading acts as a future indicator of closed sales. Higher rates pushed the typical mortgage payment up by 54% from a year ago, according to the NAR.
The drop in sales was smaller than previous months and could be a sign of the market settling, even if for a brief period.
The market looks closer to the bottom in contract signings and this month\u2019s very modest decline reflects the recent retreat in mortgage rates.<\/p>\n","protected":false},"excerpt":{"rendered":"
US Pending home sales dropped 19.9% in July compared with July 2021. This economic reading is a a measure of signed contracts on existing homes. The figure fell along eight out of the past nine months as rising mortgage rates made housing less affordable.Pending home sales, a measure of signed contracts on existing homes, slipped …<\/p>\n","protected":false},"author":13,"featured_media":46200,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"categories":[37,36],"tags":[7258,7329,7375],"class_list":["post-70735","post","type-post","status-publish","format-standard","has-post-thumbnail","","category-forex-markets","category-market-updates","tag-mortgage","tag-mortgage-rates","tag-pending-home-sales"],"_links":{"self":[{"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/posts\/70735","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/users\/13"}],"replies":[{"embeddable":true,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/comments?post=70735"}],"version-history":[{"count":2,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/posts\/70735\/revisions"}],"predecessor-version":[{"id":70789,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/posts\/70735\/revisions\/70789"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/media\/46200"}],"wp:attachment":[{"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/media?parent=70735"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/categories?post=70735"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/tags?post=70735"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}