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● TRACKER Updated 27d ago · 5 sources tracked

Pending Home Sales Drop to 2nd Lowest on Record, Plunge to Record Low in the West, to Near-Record Low in the South

US pending home sales dropped 2.3% in July, reaching the second-lowest level on record. The decline was led by a record low in the West and a near-record low in the South. This downturn indicates a buyer's market, particularly for those who can afford it. The National Association of REALTORS reported the decrease.

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  • ✓ Pending home sales decreased by 2.3% in July.
  • ✓ The West region hit a record low in pending home sales.
  • ✓ The South region reached a near-record low in pending home sales.
🛡️ Source Corroboration: 5 independent reporting domains (90% confidence) ⏱ Read time: ~2 min

What changed

The July pending home sales data was released, showing a 2.3% decrease.

Live updates

  1. US Pending Home Sales Hit 2nd Lowest on Record

    US pending home sales dropped 2.3% in July, reaching the second-lowest level on record. The decline was led by a record low in the West and a near-record low in the South. This downturn indicates a buyer's market, particularly for those who can afford it. The National Association of REALTORS reported the decrease.

    Why it matters

    The housing market is experiencing a slowdown, which may be attributed to various factors such as economic conditions and affordability. This trend could have implications for the overall economy and the real estate industry. The pending home sales data is a key indicator of the housing market's health.

    What is confirmed

    • Pending home sales decreased by 2.3% in July.
    • The West region hit a record low in pending home sales.
    • The South region reached a near-record low in pending home sales.

    What to watch next

    • August pending home sales data
    • Interest rate changes
    • Housing market trends in the Northeast and Midwest regions
    Sources used for this update (5)
    1. Bloomberg — US Pending Home Sales Slide to Weakest Since Start of Year
    2. KITCO — Spot gold back at $4,400/oz as U.S. pending home sales surprise with 2.3% drop in July
    3. Wolf Street — Pending Home Sales Drop to 2nd Lowest on Record, Plunge to Record Low in the West, to Near-Record Low in the South
    4. marketplace.org — A buyer's market? Yes. For those who can afford it.
    5. National Association of REALTORS® — NAR Pending Home Sales Report Shows 2.3% Decrease in July
    confidence 90%
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