Pending Home Sales Winning Streak Leveled-Off in July

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Posted To: MND NewsWire

Pending home sales moved lower in July, declining by 2.5 percent. After two consecutive months of gains the National Association of Realtors’® (NAR’s) Pending Home Sales Index (PHSI), a leading indicator of existing home sales, was expected to decline, but the drop from the June level of 108.3 to 105.6 was greater than expected. The PHSI, based on new contracts for existing home purchases, is now down 0.3 percent on a year-over-year basis. NAR said the downturn was seen in all four regions, with the greatest impact in the West. Analysts polled by Econoday forecast the index would dip by 0.3 percent. The range of estimates was -1.0 percent to 0.5 percent. ” Super-low mortgage rates have not yet consistently pulled buyers back into the market ,” said Lawrence Yun, NAR chief economist. “Economic…(read more)

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