Source: The Orange County Register —
The nation’s homebuying slowdown is intensifying.
- The National Association of Realtors’ index of contract signings to purchase previously owned homes decreased 1% from a month earlier to 89.8. That followed a nearly 9% decline in June.
- Sales of newly constructed homes fell by 12.6% in July from June and were down 29.6% from a year ago, according to a joint report from the US Department of Housing and Urban Development and the US Census Bureau. It was the second consecutive month of declines.
Pending home sales
They fell in July for the sixth time this year to the lowest level since the start of the pandemic, extending the housing market’s sharp downturn as high borrowing costs sideline prospective buyers.
Pending home sales are often looked to as a leading indicator of existing-home purchases given properties typically go under contract a month or two before they’re sold.
