The National Association of Realtors said on Wednesday that its pending home sales index dropped 19.9% in July compared with last year, the lowest level since early 2020.
Former Fannie Mae executive Tim Rood provides an overview of the housing market after August homebuilder sentiment plunged on 'Cavuto: Coast to Coast.'
Signed contracts to buy previously owned homes in the U.S. fell in July to the lowest level in two years as rising mortgage rates and higher home prices continued to push entry-level homebuyers out of the market. The National Association of Realtors said on Wednesday that its pending home sales index tumbled 19.9% in July compared with the same month one year ago. On a monthly basis, pending home sales dropped 1% – less than the 4% decline projected by Refinitiv economists.moves to tighten policy at the fastest pace in three decades in order to cool consumer demand and bring scorching-hot inflation under control.
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