US Pending Home Sales Drop 2.3% in July, Missing Expectations

BitcoinWorld US Pending Home Sales Drop 2.3% in July, Missing Expectations US pending home sales fell 2.3% in July, according to data released today, missing the consensus forecast of a 0.3% increase.

The decline, reported by the National Association of Realtors (NAR), signals a cooling in the housing market as elevated mortgage rates and limited inventory continue to weigh on buyer demand.

What the Data Shows The pending home sales index, which tracks contract signings for existing homes, dropped to a reading of 70.2 in July, down from a revised 71.8 in June.

This marks the fourth consecutive monthly decline, underscoring the persistent challenges facing prospective buyers. The NAR’s index is considered a leading indicator for closed sales, typically closing within one to two months.