Pending home sales slip 1% in July, but realtors group says market may be 'at or close to the bottom'

Pending home sales, a measure of signed contracts on existing homes, dropped 19.9% in July compared with July 2021.

Pending home sales, a measure of signed contracts on existing homes, slipped 1% from June to July, according to the National Association of Realtors. Compared to a year ago, sales were down 19.9%. The drop in sales was smaller than previous months and could be a sign of the market settling, even if for a brief period.

Mortgage rates have been climbing steadily this year, peaking in June before dropping slightly in July. Rates resumed their rise this week and are now approaching 6% again, according to Mortgage News Daily.

The inverted bottom

The collapse is just beginning.

Realtors are worse than car dealerships

Realtors… lol

Eheheh, they said bottom.

Malaysia Malaysia Latest News, Malaysia Malaysia Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

Why the housing market is in recession in terms of sales — but not pricesThe word 'recession' applies to certain dynamics happening within today's market — and doesn't equate fully to the global recession we all know from the housing bubble burst in 2006.
Source: KSLcom - 🏆 549. / 51 Read more »