US pending home sales index slides to record low on high rates

Reported 9 months ago

In May, the US pending existing-home sales index dropped unexpectedly to a record low due to high mortgage rates and prices deterring potential buyers. The National Association of Realtors reported a 2.1% decline in contract signings, reaching 70.8, the lowest level since 2001. Despite rising inventory and lower demand, NAR Chief Economist Lawrence Yun remains hopeful for a more active market with easing home price appreciation in the coming months, especially if mortgage rates decrease.

Source: YAHOO

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