Reported about 1 month ago
In July, pending home sales in the US fell to their lowest level on record, with a 5.5% decline in contract signings according to the National Association of Realtors. This downturn is attributed to high home prices and borrowing costs, which have deterred buyers despite lower mortgage rates recently. All four major US regions experienced decreased sales, presenting challenges that job growth and increased inventory could not alleviate.
Source: YAHOO