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.

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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.
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